Q&A: What would be the best loan option?
Question by That’s what who said?: What would be the best loan option? I am buying a home. I will put down an offer for $ 65, order visit this 000. I make $ 30, visit this site stuff 000 a year and have $ 19, cost 000 saved up towards the home. I have a credit score of 725. I was planning on getting a 15 yr mortgage, and putting 20% down, basically because I want as little debt as possible. Today, I was talking with someone who recommended putting down as little as possible (FHA 3% even) and taking out a 30 year mortgage. He said I could use the money I would have otherwise spent on the 15yr, 20% down mortgage to invest, thus making more money than i will pay extra in interest. While his thinking made sense, I just can’t be comfortable with that much debt. I am familiar with other forms of investing. He also reminded me most 30yr mortgages let you pay more than your principle. It just seems like a better idea to get the best interest rate possible (about 4.7% for a 15yr, as opposed to 5.1% for a 30 yr). With the 20% down I would also avoid mortgage insurance. I know i CAN afford the 15yr, 20% down payment, but should I go this route? Thank you! Best answer: Answer by R. GuetiveGo for the 15 year loan. You actually pay less for the home cuz you’re not paying all that interest. I wonder if lender’s are making some kind of commission on the loan and that’s why they encourage to take out large loans. Know better? Leave your own answer in the...
Read MoreWhat is the best bargain in purchasing a home? I have no money to put down and bad credit with a new job.?
by eyewashdesign: A. Golden Question by Bianca P: What is the government programs for first time home buyers with low income in Alabama? I’m interested in purchasing a home for the first time and I’m hearing there’s many options for low income first time home buyers. I just would like to know what are the steps and who to talk with first. I’m in an apartment and I want out so I need a house ASAP. Best answer: Answer by BillMost of the government programs have expired but you can check with HUD or Pathways to see if you qualify. Add your own answer in the comments! Question by Cellen: What is the best bargain in purchasing a home? I have no money to put down and bad credit with a new job.? I am desperate to stay in our school district for my kids sake. I am desperate to leave my situation away from my boyfriend, price also; for my kids sake. I now have bad credit (most is 5+ yrs old) and just started a descent paying job that will become commission based. I feel that purchasing is smarter than renting. So, viagra buy I wonder if one has to have good credit, job stability, and/or money down to purchase a home. Or which is most important? I am working on all of the above and obviously it takes time. So, I need to figure out the best first, second, third and so on, move. Best answer: Answer by gabluesmanxltFeds have a program run thru HUD that gives single Mom’s grants – up to $ 30,000 to put down on a first home purchase. Contact your congressman’s local office (they REALLY will help you – don’t sweat it) and see what’s available in your state. Give your answer to this question...
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Read MoreHarney: Is FHA home loan the best for you?
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