Home loan!

[HIKER]

FHA loans are not loans from the gov't, they're just loans from mortgage companies that are federally insured. I do FHA appraisals weekly.

Up to three weeks ago FHA limits where $265K and 5% down with superior credit like 720 or higher. As of two weeks ago the Feds rasied that limit to $345K and still 5% down with good credit.

Also, go fixed 30 years.. 15 is nice if you can afford the extra 20% a month increase over a 30 year loan.

I deal with lenders all over the valley and country and deal with the good and bad.

Shoot me a PM and I can give you a number of a client here in Scottsdale I refer everyone too.

There's some smokin deals out there right now on short sales and foreclosures. I see them daily.

Plus interest is dirt cheap right now.

One tip....If you have a hair up your butt to buy new.....make sure it's already built..as in spec home. DO NOT buy something that hasn't even been started.

Builders are taking 10-12-14 months now to build new homes and some have stop construction all together and left hundreds of buyers hanging.

[FalconGTHO]

At 5% down, do you still have to carry PMI?

[HIKER]

Yes, I was also told they can do 3% down now with FHA.

[chewbaccajones]

At 5% down, do you still have to carry PMI?

You need MI even with 18% down. Anytime you are over 80% Loan To Value, you will need MI.

[FalconGTHO]

Well that sucks.

[chewbaccajones]

If you make less than $100k/year, you can write it off just like mortgage interest though. The gov't enacted that last year and carried it over to this year as well.