Posted on: 01st Jul, 2010 06:42 am
Finally saved enough money for a house. My last FICO score ran around 787 a couple years ago. I have no outstanding car loans, massive credit card debts, child support or any outstanding medical debts or otherwise. I'm free & clear. My question pertains to what I need to expect to "put down" on a house, roughly $150K at my current scoring and age. I assume the typical 30YR. mortgage ought to be avoided, so what is the nest best to consider and an average amount to expect to put down. Thanks.
Hi Dan,
Minimum amount you can put down is 3.5% or $5,250 using your 150k example with an FHA loan. If you have saved up enough it would be in your best interest to put down 20% down to avoid mortgage insurance.
What state are you looking to buy in?
Minimum amount you can put down is 3.5% or $5,250 using your 150k example with an FHA loan. If you have saved up enough it would be in your best interest to put down 20% down to avoid mortgage insurance.
What state are you looking to buy in?
Nic:
I'm located in the state of Michigan (6% state sales tax btw). I certainly appreciate your informative and knowledgaeble input....invaluable to a "noob" like me! I do concur on "the more I can put down" philosophy and am wondering though, here in Michigan, they ofer the following:
30 year fixed
15 year fixed
5 year ARM?
interst only 5 year ARM
which are the most popular options. For my situation, what one of these would be best? I did appreciate knowng about the 20% down to avoid the
mortgage insurance. I wasn't aware of that. I assume it's another way they can leverage to soak more out of you! Keep in touch....I've appreciated just this little bit so far....it's great!
Dan
I'm located in the state of Michigan (6% state sales tax btw). I certainly appreciate your informative and knowledgaeble input....invaluable to a "noob" like me! I do concur on "the more I can put down" philosophy and am wondering though, here in Michigan, they ofer the following:
30 year fixed
15 year fixed
5 year ARM?
interst only 5 year ARM
which are the most popular options. For my situation, what one of these would be best? I did appreciate knowng about the 20% down to avoid the
mortgage insurance. I wasn't aware of that. I assume it's another way they can leverage to soak more out of you! Keep in touch....I've appreciated just this little bit so far....it's great!
Dan
Well which term you go with depends alot on what you can afford as you don't want ot be living for your house. 15 year fixed would be best option if you can afford the payments as it will be paid off quicker, 30 year fixed next best option. In this market would absolutley stay away from ARMs or Interest only products as they will likely just lead to trouble.
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