You have a lot of options. 10% down is the sweet spot I believe, as it is a lot less money than 20% down yet the mortgage insurance is much lower than 3% or 5% down options. Let me know if I can assist. I have written articles on my blog sandiegomortgageblog.com about how 10% down.
I would suggest talking to a lender or mortgage banker. They will be able to tell you what your options are.
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Based on those criteria, you should have no problem getting an ARM or a Fixed Rate Loan. It really depends on what your preference is and how long you intend on occupying the home.
We lend in 47 states and I'd be glad to review your options with you and some rates.
Feel free to contact me at 866-936-5363 ext 278 or via email at firstname.lastname@example.org
You are doing the right thing by first looking into the loan before starting the home search.
It appears that you should be well qualified just based on the senario you gave above, but getting a loan is a very complex process. There are several options in your situation, but I am not a loan agent, however we have a Company that does loans as well. I would be happy to refer you to the loan agent .
I can tell you that the market conditions are such that whoever can put the most money down or can pay all cash, be willing to pay more than asking price, has the best terms etc. is the winner and gets the property. There are multiple offers in San Ramon as in almost all of East Bay.
You need to get an agent who can help get you pre-approved, send you listings as soon as they come on the market and be willing to advice you on how to get the best offer to the sellers.
If I can help further, I would be happy to.
Your choices are many!
You could go with the 10% down and have mortgage insurance (which is currently tax deductible).
You can choose to put 10% down with a 10 % second avoiding mortgage insurance completely.
Or you may choose a slightly higher interest rate and opt for the lender paid mortgage insurance.
Your best interest rate option is going to come from the second option as the first lender's risk exposure will be reduced allowing them to offer you a much better interest rate.
The risk of the lender paid mortgage insurance option is that the mortgage insurance will always be with that loan as it will not be removed with any principal pay down nor any equity increase.
The options are numerous.
Email me if you would like to discuss further: email@example.com
I work with a great lender and I would be happy to get pass you on his contact info if you send me an email.
When putting in offers in on a house agents are requiring a Pre Approval letter from a lender.
It is in your best interest to get one.
925 699 3337.