Still waiting on that call Mark.

 

... for any and all of you who may have been a little bit buttsore about this comment, it's apparent you don't know me. I joke around a lot, very few negative comments I make should ever be taken to heart. Ask anyone on here who's actually met me.



Nonetheless, looks like my plans to purchase another S2000 are on the backlog for a short bit. Spoke with my mortgage lady last night. With the condo I'm looking to purchase my debt to income is at the limit that the state will permit for their FHA Loan. Plus I signed some paperwork saying that I will not take on any new debt until we close.


So, it looks like we all can't sit around the camp fire at the Dragon talking shit on the walkie talkies again after all.

 

Home > S2000. I'm in the same boat Chad except I already have the S2000. Trying to determine if I can afford to keep it or not. FHA is definitely the way to go right now. Not even Navy Fed. can beat FHA.

We've qualified, and our finance guy swears I am overreacting, but I can't help but feel like I will be penny-less after car payment, insurance, gas, and mortgage. I need to eat too.

 

If you have decent credit, take a look at the FHA Plus loan too. FHA will only loan 97%, however FHA Plus will do FHA 97%, Plus 3% - allowing you to buy a home with $0 out of pocket . As well, you can do Plus for 5% - allowing you do finance 102% of the home value. That's what I'm doing, to prepay down some condo fee's.

Basically I'll be moving in with $0 out of pocket and having first 3 years of condo fees paid

 

[QUOTE=e3opian,Jul 3 2008, 03:12 PM] Home > S2000.

 

FHA = more insurance per year. Also the owner is less likely to take your offer if a conventional offer is on the table. They are more rock solid.

 

I have met you once and wanted to think you were joking when you said that, but didn't comment in the thread because I was uncertain.

Very cool of you to say something

 

Maybe you know something I don't, however the only thing I can assume you are speaking of is Mortgage Insurance. That insurance is mandatory of FHA Loans until you have less than 80% of the homes value financed. Most conventional loans, from what I've been advised require 10% down. Don't know too many people who have that kind of cash just laying around.


FHA loans do have more requirements : must take a Home Owners Course, limited income, housing must be FHA approved, etc etc.

 

You are correct. When buying your first home its hard to accumulate 80k or so

Good luck with whatever you buy though.

 

10%... 80k.

Dude, how expensive of a house are you buying?!?