My first home purchase question
I'm interested in making my first purchase (200K condo) in San Diego with 5% down (10K) with FHA. do I need to get PMI? if so, how much is that typically?Now, is it even a good idea? I've been renting for a while, 15K in savings, in which I plan on using 10K for down payment. Take home 3K/month with no debt except for student loan 300/month. Fico 800+, what do you think? what do you suggest? by lajollahipster43 from La Jolla, California. Sep 17th 2009
Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions
Yes, FHA is the best route to take. Everyone that has an FHA loan pays mortgage insurance (PMI). The monthly mortgage insurance amount is calculated at 0.5% of the loan amount per yr. (Ex. 200,000 x 0.5%= 1000 per yr /12 payments= 83.33 per month.Sounds like this is a slam dunk for you. Our interest rates are extremely low right now - 4.750% for 30 year fixed FHA loans. Our processing time is fast as well. Please contact me, Brock Hicks, at your earliest convenience! 949-287-4058 direct.
Gene Ayzenshtat (Mortgage Expert)
#1 ranked lender in Massachusetts - 8 contributions
You don't have any other options, but FHA when you put 5% down for a condo. PMI will be automatically obtained by the lender, your monthly PMI will be around $79 dollars. My suggestion if you can afford buying and be in your own home, it is always better the renting. You get to enjoy your own home.
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