Home Buying in 29464>Question Details

AFK05, Home Buyer in 29464

We are FTHB, both with credit scores of over 800, looking to buy new construction $500-$550k with 10% down. What are our current mortgage options?

Asked by AFK05, 29464 Wed Feb 20, 2013

My husband has a signed contract in the city we are moving to (Charleston, SC), and we want to know what our mortgage options are, and what general rates we can get with 10% down instead of the standard 20%. We don't have the entire 20% to put down, but we do have a signed contract of salary guarantee that we can provide the bank, which includes an annual income that totals 50% of the home value.

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13
Good Afternoon,

We have terrific rates and allow for only 10% down with Jumbos and 5% down up to 525,000 purchases.

Please call Me

843-860-0809 cell
843-971-5689 office

Rex Ann Strecker
Prosperity Home Mortgage
NMLS number246758
0 votes Thank Flag Link Tue Feb 10, 2015
My suggestion to you is to talk with a lender asap. It really sounds like you're in a great position to buy and to get into a home right now. What your going to need is closing cost unless you have someone working for you to see that these are covered by the seller and your downpayment which generally is 3.5% of your home purchase. You don't need 20% or even 10% down to purchase, having that amount decreases your chances of needing mortgage insurance which can increase your payment several hundred dollars. But again there are different options around this as well. I have a FANTANSTIC lender in Mt. Pleasant that can answer all these questions and more in a matter of minutes if you would like to discuss your situation with him. I would be more than happy to pass his information along to you just send me your email and I will pass his information on to you.

Spence & Theresa Reese
Harbourtowne RE/Daniel Island
843-478-3104/843-478-3106
team.reese@yahoo.com
0 votes Thank Flag Link Mon Jul 22, 2013
Hi,

by now you know all about your options. Have you picked a new construction home yet? The builders' fiscal years are ending, and many are offering last minute buyer incentives to move product. Do you know what they are?

Talk soon,

Rebecca Kroseberg
Carolina One
843.901.8659
rebecca@CharlestonLifestyleGuide.com
0 votes Thank Flag Link Mon Jul 22, 2013
You have three options:

1. Get a loan with Lender Paid Mortgage Insurance that will cover the 10%. This is built into the fixed rate for the mortgage you would get. It typically means that your interest rate would be .125 to .25 higher than a rate given if you had put 20% down.

2. You can get Private Mortgage Insurance. This means you would have an additional payment of several hundred $$$ each month that would cover this added mortgage insurance premium.

3. You can do an 80/10/10 loan. This means you could close your loan simultaneously with a 2nd mortgage that covers the 10% needed. Therefore you Combined Loan to Value would be 90% but you wouldnt have to come out of pocket for he 10%

This is no commitment to lender and all terms are subject to underwriting review of income, assets, credit score and credit worthiness.

Please contact me if you would like more information on our mortgage products or a free prequalification letter to accompany your offer to purchase.

Jimmy Craven
Senior Mortgage Loan Officer
NMLS#319961
843-284-8767 Office
888-388-0160 Fax
843-499-1119 Cell
Jimmy.Craven@ikonfg.com

Ikon Financial Group
501 Bramson Court
Suite 400
Mt. Pleasant, SC 29464
http://www.ikonfg.com
0 votes Thank Flag Link Thu Feb 21, 2013
Just spoke with one of my lenders and they have a jumbo loan with no PMI.
I am a member of The Charleston Top Producers and have many years of experience. You can trust a name like Better Homes and Gardens Real Estate. Please let me help you find the best loan. Call me at (843) 460-0319 - ncooper@thebeachcompany.com.
0 votes Thank Flag Link Thu Feb 21, 2013
With less than 20% down, you will more than likely have to pay mortgage insurance either way. PLUS you will pay an up-front fee for the insurance under FHA. FHA loans are not cheap. I would only go for the FHA loan if you cannot qualify for a traditional mortgage. I strongly suggest that you discuss your loan options with your bank, with a mortgage broker, or both. That is always the first step in the process that I insist my clients do. Otherwise it's a disservice to them speculating about what may, or may not, apply to them. Go to several financial institutions or brokers to compare the terms, and APR, of their suggested loans and/or programs. This site, and the internet in general, is good for background information, but you need to discuss this intimately with a mortgage professional. The specifics of your current financial situation, credit history, income, debt, etc. will be the deciding factors on what will be available to you, and ultimately, what the best choice for you will be.
0 votes Thank Flag Link Wed Feb 20, 2013
The lender that I use and have had incredible results with is Gabe Tuvek of 1st Home Mortgage. I have referred several of my clients to him and they have been more than satisfied with the results. He offers great rates and is very knowledgeable. What impresses me is he is always available through a text or phone call which is crucial to my business even on the weekends and he is very effective at getting deals closed on time, many promise but very few actually deliver. If you decide to contact him let him know that we have communicated, his numbers are 843-819-5270(c)
843-216-3535. If you need homes in your criteria sent to you, I will be more than happy to provide those for you,just email me with your request.

Team Reese
Spence & Theresa Reese
Harbourtowne RE/ Daniel Island SC
843-478-3104/843-478-3106
team.reese@yahoo.com
0 votes Thank Flag Link Wed Feb 20, 2013
You want to avoid PMI - Private Mortgage Insurance- if possible. If you are a physician many banks have "doctor" loans that don't require PMI.
Many times builders will offer to pay your closing costs and some prepaid expenses if you use their lenders and attorneys so you may want to start there. If you can afford the payments on a 15 year term you will save a lot of money - interest rates are in the 2% range. Loans over $417,000 will be considered a jumbo loan and they have higher rates than conventional loans.
I have expertise in construction, financing and Real Estate. I will work for you at no cost to you - I get paid by the seller at closing. Please send me your contact information to ncooper@thebeachcompany.com - (843) 277-1520. My company is developing Scott's Creek and Watermark in Mt. Pleasant. Great locations with Pulte and Saussy Burbank as the builders.
0 votes Thank Flag Link Wed Feb 20, 2013
Thank you very much. I will contact you this weekend.
Flag Wed Feb 20, 2013
Thanks for the responses. Are there any specifics, as to whether getting a standard 30-year fixed with PMI is a wiser choice in the long run than an FHA? Does it make a difference if we put 10% down or 12%? Which type of mortgage would provide the lowest interest, APR, and the best overall financial decision in the long run? My husband and I tend to be fiscally conservative, and do not want to get stuck with any mortgages that would cost us in the end.
0 votes Thank Flag Link Wed Feb 20, 2013
Banks respond to competition so talk to more than one. The shorter the term the lower the interest rates. In SC there are no prepayment penalties so you can always payoff early or refinance. The big banks like BofA, Wells Fargo and First Federal should have better rates than the smaller loan brokers who sell their loans back to some of the bigger banks. Call Tricia Eldridge at (843) 937-6142. She is with First Federal.
Flag Wed Feb 20, 2013
Call Rex Ann Strecker with Fm lending here in Charleston, SC. One of the largest tertiary lenders with the most options available. Her cell # is 843-860-0809. You speak with her now. Tell her Ron schiappa referred you. I am a realtor. 843-469-1330 if I may by of service to you. P.S. I have family in Burr Ridge.
0 votes Thank Flag Link Wed Feb 20, 2013
A good starting point is at your own bank. You can pre-qualify with them to get your initial questions answered, and to get your budgeting in order. You can always shop it around later for a better rate. Request a good faith estimate of loan costs, and payment estimates, including escrows. Remember you want to compare APR, not just the interest rate. Feel free to contact me at anytime to discuss this further. Good Luck!
0 votes Thank Flag Link Wed Feb 20, 2013
I would love to help and get y'all started on your path to finding your next home. I would also love to yall in contact with our office mortgage expert. Please give me a call or email at chipmorrison@carolinaone.com

Thanks,

Chip
0 votes Thank Flag Link Wed Feb 20, 2013
Greetings from Charleston! There are many options right now without putting 20% down. Your best bet is to speak with an actual lender down here.

Please contact me at the information below and I can put you in touch with a lender that we use on a regular basis that can give you many options.

Scott Fulton, Realtor
scott.fulton@agentownedrealty.com
Agent Owned Realty
824 Johnnie Dodds Blvd
Mt Pleasant SC 29464
(843) 324-8845 cell
(843) 884-7300 office
(843) 725-6512 fax
Http://LowCountry-Home.com
0 votes Thank Flag Link Wed Feb 20, 2013
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