Asked by KT-3999, Fremont, CA • Fri Dec 12, 2008
I am currently looking out for a lender to get my house purchase financed. I see that there are programs like FHA which ask for 3 % downpayment PMI or 20 % downpayment conventional loan.
I am in a position to shellout 7 % for downpayment. Isnt there any program which lies in between 3 % - 20 % downpayment range.
I get advise to go for FHA PMI. As my, 7 %, downpayment will be more than 3 %, my PMI will be lesser if I go with ONLY 3 % down. Is this the best I can expect from the market now?
Secondly, I see that loans amount with less than the magical 417 K have lesser interest rate. I am short of 25 K to qualify for this program, my loan amount is 442 K on a 475 K loan. Are there programs that can give me a short term 3 year 25 K unsecured loan and a 30 year conventional 417 K loan.
Could somebody help me with information on loan programs.
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