Home Buying in 90210>Question Details

Simon S, Real Estate Pro in San Diego, CA

what loan would be my best interset.?

Asked by Simon S, San Diego, CA Sat Sep 29, 2012

Which type of real estate loan would be best for me if I plan to hold a property for approximately six years, understands the benefits of leverage, and prefers predictable payments? I have a good credit score, $40,000 available for a down payment, and is interested in a $275,000 property. My DTI will allow qualification for conventional or FHA financing.

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Are you trying to get the answer to your discussion question on the NMLS exam ? That's really funny!
0 votes Thank Flag Link Sun Jun 15, 2014
Hello Terri, There are to many variables without knowing your fico scores? You can get 4.25% on 30 yr fixed with 10 years IO with a minimum 720 fico score, payment would be $1,261.30 total. I would really need to know what your middle fico score is to know what program will pencil out the best. I can give you a good faith estimate with solid numbers with your fico scores?

Here is another loan program with only half percent down payment with a minimum 580 fico score which can also contribute towards your closing costs as well. This is an FHA CHF Access under 4% 30 yr fixed rate loan which you could close with under 6k with paying your own closing costs for a stronger offer and keep 34k. The payments on an approx 4% fixed rate half percent down would be only $1,400 down and $2,013 PITI @275k.

You may also consider 3% down conventional financing with a minimum 700 fico or 5% down with a minimum 660 fico score? I can go over program rates and terms you may consider in minutes over the phone so give me a call to discuss options...

I noticed your avitar is showing home owner, if you are currently a home owner, you will need to qualify with both payments included in your debt to income ratio and qualifying purposes. If you want to rent out your current home and buy another bigger, better newer home, you may qualify without including your first house payment. I only need a few minutes to ask a few dozen questions to determine what options you have and which would benefit you the most financially.

Here is a link, flyer, maximum income limits for CHF Access and a needs list to gather for processing a loan approval.


CHF Access half percent down flyer, pdf

Sheryl Arndt, standard needs list checked, pdf

CHF Access income limits http://tinyurl.com/8lzf8he

Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
0 votes Thank Flag Link Tue Nov 13, 2012
The conventional loan will probably save you a lot of money, since you will not need to pay the FHA insurance premium cost--which can be quite expensive, almost like a small car payment. Since you plan on selling in 6 years, you will recoup your down payment when you sell your home (assuming the market has appreciated from when you first bought), and along the way would have saved the money that would have gone to pay the FHA insurance.
0 votes Thank Flag Link Fri Oct 5, 2012
You need to ask a lender that directly. None of us can tell you that on a website.
0 votes Thank Flag Link Sun Sep 30, 2012
The experts on this field are the loan officers or mortgage brokers. They will explore and outline the options for you. There are fixed mortgages and ARMs.

Discuss your goal with a competent loan officer.

0 votes Thank Flag Link Sun Sep 30, 2012
Well, the answer depends on how much leverage you need. In your situation, you should get a 5 year fixed rate conventional loan. It'll be much lower cost than FHA.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Sep 29, 2012
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