I will start with your second question in first - I really think that being the FTHB your Realtor should focus on finding you something which keeps you under the Jumbo limit of $417K (as interest rate may also differ if your loan amount is higher than $417,000), even with a purchase price of $450K puts you higher on the loan amount. Of course, you can have a gift from a family member and use it for your down payment and/or closing cost as long as your brother (or person giving out gift) has sufficient funds in their account(s) to show that they can afford to give away gift money. And YES!! I will definitely go for conventional financing over FHA due to FHA upfront mortgage insurance fee and higher PMI. However, even in conv. loan with 5% down you will still face PMI but it's slightly lower. You can also get rid of the PMI completely by paying an upfront fee for the life of the loan, that brings your monthly payments to a lower amount - what else can be better!! RIGTH??
We have helped many first time home buyers and would love to help you too!! My initial meeting with FTHB explains the process which help my First Time Home Buyers make the right decision and have the correct approach with finding their first home.
I am doing a "First Time Home Buyer Seminar" next month - let me know if you'd like to register (or if you want to make the move earlier, I can surely set up a one on one meeting with you).
Last but not least, It's absolutely a great market to buy your first home with great interest rates and home prices on a steady incline.
Hope this information is helpful to you!!
Faiza Alvi - RealtorÂ®
Prince William Realty, Inc.
MILLION DOLLAR CLUB - PWAR 2011
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