Like the 5 answers before me - FHA!!!

PMI is not gone for folks with good credit, but its getting expeisive and you would still need at least 10% down.

Ask any qualified mortgage brokers the question and figure out what is best for you; FHA loans are an option, but don't forget to get pre-qualified so that you know exactly what your budget can handle. If you need mortgage brokers please let me know and I will forward you their contact information.

Anna

Hi Alli

FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.

If you are thinking of buying that foreclosed property in East Meadow (we can see it this weekend), then
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan.
You will still have to pay the PMI insurance.

I can refer you to few mortgage brokers that I am working with, and they can guide you throughout the process.

Thank you

Barbara
516-232-6658
Realtor@BarbaraNowak.com

Alli,

FHA offers a very good option for First Time Home Buyers to purchase a home with as little as 3.5% down. Rates are very competative. FHA Loan Limits in Nassau and Suffolk counties are presently at $729,750, thus making FHA loans a viable alternative to purchase a home in Long Island, NY

PMI for regular conventional loans are not completely gone ... yes, guideline changes have made it more difficult to obtain traditional PMI.

I would recomend that you get in touch with a mortgage consultant / loan officer to pre-qualify / pre-approve you into a loan as also help you determine what might be your best options for mortgage financing given your specific scenario.

Please feel free to call / email me with questions and/or concerns or any further help in the matter.

Rgds

Jaspal Chhachhi
Senior Mortgage Consultant
East Coast Capital Corp

T: (646) 657-1858
F: (212) 202-6165
E: jchhachhi@eastcoastcap.com

Alli,

While the advice you have been given is not entirely accurate, it has indeed become increasingly more difficult to finance a purchase with less than 20% down. Your best bet, in many cases, is an FHA loan, which will have its own version of PMI and which will permit a loan-to-value (LTV) of 96.5% if you qualify.

If you would like more information on this approach, please feel free to get in touch.

Thank you!

Rob Spinosa
rspinosa@mortgagemasterinc.com

Hi,

Most young couples today rely on FHA mortgages when they do not have the 20% to put down. With a FHA mortgage you can put down as little as 3 %, the maxium amounts varies by county, The FHA Website is http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm

If you would like to discuss your needs more please give me a call at 516-872-3000.

Thank You
Maria
Quality Home Shoppe
myqualityhomes@aol.com