Best of Luck,
Century 21 Tenace
Best of Luck!
NMLS ID# 1124472
Then if you are pre-approved you have done so with a local loan officer I hope....
With that same loan officer you should be able to get the detailed information about your various
loan choices, 15 years, 30 years, a 5 year ARM most of them will put it all in writing for you, how much
you pay per month, how much down etc. etc.
And yes I agree, once buying a home if you are a first time home buyer, keep a ready cash reserve
you never know, so adjust your buying power and monthly payments to allow yourself a safety pillow.
And furthermore I strongly suggest to you, to get home warranty for at least your first year, or more if
you are more comfortable with it.... the home warranty will not only pay itself depending how old the
property is, you pay a yearly amount, HWA the lowest monthly is probably around 400 $, thereafter if something does not work, the A/C or the stove, or the refrigerator, or the washer and dryer you call
the HWA company and they will dispatch someone to come and repair your cost for every call will
be 50 dollars app. do not hold me to the exact amounts, and that is all the repair man will either be able to repair for whatever cost you only pay your service call, and if they cannot repair they will
replace the entire unit.... This is a good way especially for first time home buyers new to taking
care of a home.....
I hope this helps, If you need recommendations let me know.
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
First of all, piggyback loans up to that CLTV limit are a thing of the past, so your only option is PMI. that said, there are several PMI options that are available, and can make a difference of about $15000 over a 5 year period.
There is also a pretty strong First Time Homebuyer program that allows for acquisition prices up to $310,000, which can save you even more.
I think we should check if you qualify. If you agree, give me a call, shoot me an email or fill out an application on my website.
Senior Mortgage Consultant
Call Tom Meneses at 312-952-2126. He is an experienced loan officer and works with a flexible bank that can cater to your needs. The truth is that there are a ton of programs available and some banks are willing to help wyle others care less. I hope you find the answer you are looking for. If you are not currently working with a Realtor I would love the opportunity to serve you. Good luck
Piggy backs are also rare with condos now.
The conversation about PMI or not is really do you want to focus on the net monthly outlay from you as a payment, or the best loan in terms of rate and / or fees?
Since you are pre-approved I assume you are working with a lender, but the question you are asking seems to say you are not getting the answers you are looking for.
I have a some excellent lender options I can provide you, and I am sure you will get more feedback from some who are regular contributors here in this forum.
Feel free to text or call 773-732-9123, or email firstname.lastname@example.org and I will get you in touch with them.
So, if you don't have that amount, you should either consider a condo in the $200K range to be comfortable with your $10K down or save up some more until you have that amount.
Beyond FHA, you'll need excellent credit to qualify for a 10% down with PMI on a piggyback loan. It would be a slightly cheaper option than FHA. In that case, you'll need to bump your cash position to about $45-50K to purchase a $350K condo.