FHA versus Conventional 3 to 5% loans?What are conforming limits as of today for Yuba County Ca.??
I keep hearing about all this raising of the conforming loan limits ffrom 417K but so far, I cant get any loans FHA or a 5% conventional above that?My broker says , "they" did not raise the limit in Nevada or Yuba count.Im looking at a offer of acceptance at 450K and dont want to use all my down money (35K) to make it reach a "conforming" amount of 417K.The FHA loan is pricey with all the ad ons and if you want to "BUY DOWN" the rate. My payment would be in the 3000.00 range with all the garbage.
I am Pre-approved for the 450K .What is new if anything??Is there 40 year 5% loans to lower the payment for a year or 2 til I can refi and get rid of all those PMI and impounds??
I have a home and want to move out of it and turn it into a rental, and buy a different one to live in so, can I apply for the FHA loan on the home I want to buy and live in?
If your current lender will not think outside the box, I would check with a couple of other brokers.
I am a mortgage broker. If I can be of service, please let me know!
Martin Smith
Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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