any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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Look at state subsidized mortgages, has income caps but very reasonable especially if single. I wanted to buy before the latest market upturn so looked at many options and ended up with a 5% down...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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Thank you Adam, that makes a lot of sense. In general my credit score and history is not something that I'm worried about being a problem. You bring up a good point to shop around between 80%, 85%,...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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Adam's advice is always good for mortgage questions.
These types of questions are really difficult to provide what you want. Because the truth isn't always what you want to hear. The better case...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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Both Fannie Mae and Freddie Mac have conventional loan products for 97% LTV.
Fannie Mae's product is called Home Ready https://www.fanniemae.com/content/fact_sheet/homeready-product-matrix.pdf
...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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True, but nothing is.
I woke up one day and decided to buy a house...well the rental increase did, but the next couple weeks I was working 16hrs a day which at that time was take home around 1300...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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It's typically because people who can only scrounge up 3% don't have a rainy day fund near anything that is what should be considered comfortable/safe.
Cash flow is one thing but one thing it...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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I don't understand how someone can say you can't afford something just because you don't put down 20%
If the cash flow is there, go for it. The only issue is lost money on the insurance and...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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So you don't have enough down to buy a home so you want to basically put it all on credit. What could go wrong. It's 2007 all over again :whee:
That said, best of luck!
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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Thank you for the well thought out answers. I'm totally fine with you giving me advice as well! That's mainly the reason I laid out my logic for seeking the lower down mortgage, so if there's a...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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I'm not going to give you advice on what to do so I'm just going to answer your questions
No
It depends on the market in your area and how competitive it is amongst buyers. Every seller is...
any experience with the conventional 97 mortgage?
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Thread created 07-26-2016 by Ero
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I'm looking at some properties but don't have enough to cover the 20% traditional down payment + closing costs + reno/furniture, etc that comes with buying a new home.
I was considering doing the...
