I'm a mortgage broker licensed and registered in the state of Louisiana, and I would suggest comparing the difference in rates, fees, down payment and monthly payment amount between a FHA and Conventional loan product. The 97% Conventional Loan is back...meaning a minimum 3% down payment. FHA's minimum is 3.5%. Conventional rates tend to be a bit higher than FHA, but the monthly mortgage insurance places a higher amount on FHA loans than what is normally added to conventional loans (assuming you're making a minimum down payment). This means that with a conventional 30 year fixed, you can expect a LOWER MONTHLY PAYMENT than a 30 year fixed FHA loan (even if FHA is offering a lower rate). Another perk to going conventional over FHA is the MMI (monthly mortgage insurance) falls off at 80% loan-to-value, where as for a FHA loan the MMI stays on for the life of the loan.
Feel free to call me, and I can run through some scenarios with you. Thanks!!... more
Sorry to hear you are having a challenge finding the right home. The inventory of the number of homes is significantly down. If you are seriously looking to buy, get pre-approved and be ready to make an offer. Your agent can direct you with the pre-approval process and set up searches that will match your criteria. Good Luck!... more
You can contact any agent for information. As a buyer, it is in your best interest to use a buyer's specialist, especially on a foreclosure. The listing agent represents the seller and must put their interests first. A buyers agent is compensated with the commission paid by the seller (usually split between listing broker/agent and buyers broker/agent).... more
Kenner is a suburb of New Orleans. It is a mixed community of ethnic and economic, this is a strong point creating a diverse economic environment. However the ethnic, economic is some what divided as in most cities. There are lots of convinces, like easy access to the interstate and shopping. There are a fair number of companies located in the areas but in most cases Kenner is a bedroom community of the New Orleans area.... more
Different areas have different millage rates. For example, the millage rate in Metairie is higher than the millage rate in Kenner. In Kenner you pay 2 millage rates, but the combined rate is still less than the millage rate in Metairie. All homeowners in Louisiana are exempt from paying taxes on the first $75,000 of the assessed value.... more
Has your agent (if you have one) completed a comparable analysis of the properties? If you can get the property for a HALF MILLION less...sounds like a good deal. See what kind of deal you're really getting. They may be 400k-500k over priced. About the 5-year arm....How long do you plan on keeping the property? If for a short time, like five years max, it may be beneficial to save the approx 2% in rate. Nobody has a crystal ball to tell you your status or the market status in five years. So please BEWARE. After five years that loan rate is going to change EVERY year and so will your payment. Personally...with fixed rates this low??? I'd go 30yr fixed.... more