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02-20-2008, 04:14 PM #1
Renter
- Join Date
- Feb 2008
- Posts
- 5
3% down FHA??
I am a first time home buyer in Los Angeles and cant afford the typical 10 -20% down. Can someone explain to me the pros and cons of putting just 3% down on an FHA loan and what the conditions of an FHA are
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02-21-2008, 05:45 AM #2
Condominium
- Join Date
- Sep 2007
- Location
- Indianapolis
- Posts
- 302
The pros are only coming up with 3% out of your pocket and the interest rate should be competitive. The cons are you will pay PMI and you only have 3% into the property so if the market continues to decline you could be "upside down".
Mike Taylor
Broker/Owner
Red Door Real Estate
Indianapolis Real Estate| Indianapolis Homes | Indianapolis New Homes | Carmel Real Estate | Fishers Real Estate |Noblesville Real Estate | Greenwood Real Estate | Zionsville Real Estate | Westfield Real Estate | My Real Estate Blog
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03-03-2008, 11:18 AM #3
Renter
- Join Date
- Aug 2007
- Posts
- 3
As of a couple of weeks ago, in California there were 9 programs that offered 100% financing with good credit.
Home Possible w/ Freddie Mac
VA
CAL HFA
HFA Access 103%
My Community w/ Fannie Mae
Flex 100%
Dream Maker
House America
Home Opportunities
Good Luck.Last edited by vbenitez; 03-03-2008 at 11:51 AM.
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