Asked by Bunnyin, Oakland, CA • Sat Jul 28, 2007
My husband and I are first time home buyer. We can't decide if we should take advantages of the first time home buyer program with high approval loan amount, lower interest rate, yet with a 40 years term loan. The first 10 years of mortgage, we are paying toward interest only and after the 10 years then we will start making payment toward the principle. I don't like that idea. I prefer the 30 years loan and making my mortage payment on P & I. However, the differences are we will get higher amount of the loan approval -$60K more. It will give us more option -townhome, house, etc. Can someone tell me any pro and con of those first time home buyer program?
Real Estate in Oakland
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