5% Down Conventional
5% Down-No Mortgage Insurance Conventional
If you do not fall into either of those categories, one of the best mortgages out there is this program. It features a slightly higher down payment and credit score than FHA and an interest rate approximately 3/4% higher than FHA loans but this is more than offset by the lack of mortgage insurance which is very significant versus an FHA mortgage. Taking into account the higher rate and down payment, borrowers still end up with a much lower payment amount versus an FHA. Since FHA mortgage insurance remains for the life of the loan, this is generally the best option for most mainstream borrowers.
Despite our little slow down for the past couple months, everything indicates that our market is going to continue to appreciate over the next few years. If you have been sitting on the sidelines or a considering a move-up, here is the logic behind making a move now.
If you don’t own a home, then you don’t have your chips in the game so to speak. If the market does take a big jump in the next year, you will miss it. By the time you see it on the news or hear about it from a friend most of the significant appreciation will already be over. Either make a move now or pay close attention to my market reports.
If you are planning a move up and the home your are in is more expensive than the one you currently own, as they appreciate, you will lose or miss the appreciation on the difference in their values. The market is great for upper end buyers right now and still good enough for mid range sellers making it a perfect time to make that step up move.