I have a question about what type of loan to get when buying my home.

You start by sitting down with a qualified mortgage broker in your area and let him look at your complete loan scenario.. once they see the full picture, they can properly advise you as to which loan product would be best for you.. Things that dictate which loan would be best typically have to do with your credit scores, down payment, debt ratio, and past derogatory credit issues (foreclosure, BK, short sale, unpaid student loan or unpaid taxes.. etc..).. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Your lender should be able to go over the programs you qualify for and point out the least expensive monthly. If you would like to discuss in detail call me at 619-669-5518

Fred, the best place to start is by having a mortgage consultant provide you with examples of both types of financing on the same purchase to allow you to see and understand the differences between the two loan programs. If you can put down at least 5% and avoid FHA Upfront Mortgage Insurance as well as monthly mortgage insurance premium, that is the best way to go in my experience.

Usually you don't want to use FHA or VA or USDA unless absolutely necessary as they all charge up front mortgage premiums. That being said if you can't put 20% down they are a good alternative. You really need to speak to a mortgage pro to go over your entire situation.

Fred, Great question. The best type of loan for you is based on your personal situation. Do you have a good credit rating? Do you have a 20% down payment? The government loans make it easier for borrowers to purchase homes & the interest rates are usually lower than that of conventional loans. However, there are fees for these loans. I would be happy to provide loan scenarios of any type for you. I can be reached at 530.672.0961 Thank you for your consideration. Bill

Hi Mr. Ebrahimi,We would be more than happy to discuss with you on the phone.Please call us at 949-510-0428Visit, www.TakandAssociates.com Email, info@TakandAssociates.comreza

Fred, FHA will have an upfront premium that is financed of 1.75% and a monthly premium added to your payment depending on the LTV of the original loan (Starts at 1.35%). VA will have a upfront fee but if you have a VA disability rating it is not charged (For first time use is 2.15%). Conventional loans you can increase the rate to buy out the monthly PMI and do not have an upfront fee, only a monthly and depends on the Loan to Value.

Fred, The VA funding fee is 2% unless you exempt and there is no monthly. The upfront FHA is 1.75% and the monthly is 1.35 for the minimum down, and USDA is 2% upfront and .40 monthly. With Private Mortgage Insurance there is no upfront fee and the monthly depends on the insurer. Hope this helps. Call me and we can discuss further. There is no pressure.

That is a great question. In order to determine the best loan program for you, you will want to look at several variables; How much down payment are you bringing in, your credit score, the property address, outstanding debts, and your past credit history - just to name a few. My advice is to sit down with a mortgage professional and go over your situation in detail, then you can decide. Best of luck!

Fred, Yes they can be financed.

Fred, depending on your credit scores, I would suggest a conventional loan with PMI. You would need just 5% down and is cheaper than FHA. You may also be able to get a loan with no PMI and pay less as well.

Absolutely they are financed into your loan. FHA charges a 1.75% up front mortgage insurance premium and 1.35% monthly MI for anything over 90%

The loan officer that you choose will help you with that question. As the Loan officer will look at your credit (and credit score), Income, Assets, and see within the guidelines, what you qualify for. Talk to a local community bank or lender here on 411.

The amount of PMI payment will change with your loan amount. The factor used is 1.30 on 90% and below and 1.35% on any thing over 90% no matter what your loan amount.

Hi Fred;To answer your latest question, the PMI if on a conforming loan will differ depending on the loan amount, credit score, company insuring the insurance. If you are looking at a FHA loan, then it will be dependent on how much you put down ( 3.5% vs 5%, 10%). Are you a 1st time home buyer? ( that is someone who has not owned a home in the last 3 years) If so, you may qualify for a 1st time home buyer program with a reduced interest rate, and no PMI required. Call 203-788-2619 or e-mail at pbass@nvsl.com to discuss.Look forward to hearing from you,Pete

Fred what loan program will be strictly based upon what it is you want to accomplish. Every program has it's pros and cons but it all about your personal plan of action. Is the house you are considering going to be your long term residence or an interim residence. Is the money for your down payment readily available purposed for this purchase or is it in a specified financial instrument. FHA primary benefit is 3.5% down payment and you can go much higher on the debt to income ratio if your situation warrants that. If you have more than 3.5% and your credit and income is strong you would be better served going conventional. First establish your short term, mid term, and long term financial plans. Call me or anyone of the lenders who have responded to you to truly determine the right loan solution.