Loan lady called me today and told me that there are changes being made on conventional loans. Now instead of 5% down, you have to put at least 10% down. This means if we were to go FHA, (which now is the only option) we have to pay a mortgage insurance premium. Yuck! Looks like no ownership for us anytime in the future… All signs point to no-go. Do not pass go; do not collect $8,000; do not move into the condo of your dreams.
F this economy
Very, very depressed….
Mortgage insurance usually isn’t that bad, and if you put enought down you shouldn’t have to pay for it. And you are lucky because most conventional loans are 20% down. If you have good enough credit they won’t make you put and % down, but you have the insurance. You can always get the insurance removed once you have that 5% 10% or 20% (or whatever it is for where you are), in equity.
