Asked by Jennifer, Augusta, ME • Wed Jun 15, 2011
I am currently in the process of purchasing a home in Augusta, ME. I was in the process of obtaining a rural housing loan for the house. In the middle of this process, the lender let us know that the property is actually considered a 2 family home and that a rural housing loan does not cover this. They said the next best thing for us to do would be an FHA loan with 3.5% down that would still give us the 4.5% rate we had with the rural housing. The downsides were putting money down, although not a huge amount, and the added Mortgage Insurance Premium (MIP) of $58. We were told that this is still a good loan option for us as we did not have much money to put down and were still looking for low monthly payments. The next thing we have to do is find good home insurance. I want the cheapest insurance possible to now make up for the added $58 a month. Should we proceed with the FHA loan or look for something else? Thanks!
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