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Sera Smith
"Mortgage Loan Officer"
- 2 Helpful Answers
- 11 Answers
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I am a mortgage loan officer licensed in the state of Texas. I work with First Time Home Buyers in getting them the best rates possible at the lowest costs.
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Sera Smith answered:
FHA loans reuire the least amount of down payment at 3.5%. A conventional loan split as a 90/10/10 or a 90/15/5 will still require you to pay PMI as the first loan is over 80%. You really want the first loan to be 80% and no higher to not pay PMI. You need to ask for a 80/15/5 or an 80/10/10 loan. The first mortgage would be 80% of the sales price and the second mortgage would then be either a 15% or 10% with you putting a down payment of either 5% or 10%. Do you have money for the closing costs? The realtor can help you in negoiating a contract that will have the seller paying for some of the closing costs, if not all. Now that being said, you can buy down the interest rate. Is it better to wait till you have the 20%? Not necessarily. Right now you can get more home for your money and the rates are very low.
I hope this helps you. If you have any more questions, just email me or call me and I will gladly help you out.
Sera M. Smith
Mortgage Loan Officer
Bluesky Lending
214-405-7264
1-800-681-2353
ssmith@1bluesky.com
I hope this helps you. If you have any more questions, just email me or call me and I will gladly help you out.
Sera M. Smith
Mortgage Loan Officer
Bluesky Lending
214-405-7264
1-800-681-2353
ssmith@1bluesky.com
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