Posted on: 21st Feb, 2009 04:51 pm
I am planning to buy a house for 180,000 and the seller is contributing 4000 towards the closing cost. I am planning to sell the house after 3 yrs.My credit score is 780.
I am looking at 30 and 20 yrs conventional loan with zero points.
Assume that I will be able to sell the house for the sme value I have bought it for.
I was wondering how much should I put as down payment?
Will it be a good idea to put 5% or 10% as downpayment?
Should I go for Conventional or FHA loan?
What are my options?
I very much appreciate your time.
I am looking at 30 and 20 yrs conventional loan with zero points.
Assume that I will be able to sell the house for the sme value I have bought it for.
I was wondering how much should I put as down payment?
Will it be a good idea to put 5% or 10% as downpayment?
Should I go for Conventional or FHA loan?
What are my options?
I very much appreciate your time.
"FHA does not make loans. Rather, it insures loans made by private lenders"
So in any of the case you need to go to the private lenders either for FHA or conventional one.So, basically you need to check with those guys whether they support the FHA or not.
"Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers,"
If you are a first time home buyer then there are greater chances for you to get the FHA program. :wink:
So in any of the case you need to go to the private lenders either for FHA or conventional one.So, basically you need to check with those guys whether they support the FHA or not.
"Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers,"
If you are a first time home buyer then there are greater chances for you to get the FHA program. :wink: