Sheryl Arndt, Broker â€“ Loan Officer
I recommend you connect with a mortgage loan officer and go over FHA financing as well as a 5% down conventional - side by side, you'll be able to see the difference and which one fits your needs better.
Why do you prefer not to go FHA?
Your questions raise other questions....
What type of property are you buying -- single family, or multi-family?
Will this be owner-occupied, or an investment?
Do you have other liquid assets besides your savings?
How much do you owe (credit cards, other loans)
How long have you been employed
Generally, closing costs could run up to 3% of purchase price --- so if $30K is all you have, that will be for your down payment AND closing costs
Talk to a local lender to get your situation analyzed. Asking this question here will beget more questions. Good luck
Your preapproval question has to be subdivided. Do you want to buy a house costing $350,000 or do you want a loan for $350,000?
You would be well served to find a top-notch loan broker who can give your precise answers and bring comprehensive knowledge of all the programs available in your area. Interviewing more than one loan broker can be a good idea, because different brokers have different sources of loan programs.
You would be able to obtain financing for well over $350k on a non FHA loan.
We could use a minimum 5% down loan with mortgage insurance.
You could either utilize lender paid mortgage insurance (tax deductible) or regular mortgage insurance.
I would be happy to get you preapproved! cg