Agents: Which type of mortgage would you use to buy your own next home?

Asked by Trulia Jacksonville, Jacksonville, FL Wed Feb 20, 2013

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Suz A, Agent, Longmont, CO
Thu May 9, 2013
Cash. No more mortgage payments for me once I sell the house I'm in.
0 votes
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Wed Feb 20, 2013
I am a lender and I'll tell how I am going to buy my next home in Florida or Texas. I am going VA, no down payment, no monthly mortgage insurance. I'll be doing a 15 year loan and I WILL send an extra payment or two during the year so I can steal from the bank and payoff my mortgage within 7-10 years. That's what I'm talking about!
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0 votes
John Souerbry, Agent, Fairfield, CA
Wed Feb 20, 2013
15 year fixed rate with no pre-payment penalty and..... ASSUMABLE.
0 votes
Jeff and Kaye…, Agent, Colorado Springs, CO
Wed Feb 20, 2013
Conventional 15 yr if I could swing it 30 yr if not. Get that thing paid off - that way you are always protected even when we have a market downturn as we did the last few years. FHA is too expensive with the MIP these days and it is going up again.

If downpayment is close just remember you are getting a commission and I know on our last purchase our mortgage company allowed us to use the commission for part of the downpayment.
0 votes
Brian McLogan, Agent, Jacksonville, FL
Wed Feb 20, 2013
FHA if I could do it. My girlfriend is looking at her options and if you can do it FHA is the best option
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Keven Brennan, , Atlantic Beach, Jacksonville, FL
Wed Feb 20, 2013
Not a question with one solid answer that will apply to everyone.
FHA allows for a low down payment ( 3.5% ) has very liberal UW guidelines, and FICO does not impact interest rate to a large extent. BUT it does have higher mortgage insurance(PMI) than conventional loans and starting in April the PMI will be for the life of the loan
Conventional Loans typically require 10% down ( 5% for A++ borrowers) but the mortgage insurance cost much less and can removed after 2yrs and demonstrating that the loan does not exceed 78% of the value.
The simple version is FHA has lower costs to get in but higher monthly costs, while Conventional loans have high upfront costs but lowered monthly payments.
If you have VA eligibility a 100% , no PMI loan is the best in the market.

Feel free to contact me with any other quesitons.
Keven Brennan
0 votes
Tim Fennell, Agent, Jacksonville, FL
Wed Feb 20, 2013
The same thing we have now... 15 year fixed rate.
0 votes
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