Purchase scenario

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Vane55a10

657 Posts

Posted - 04/07/2008 : 4:12:26 PM

Purchase Scenario -

500k Purchase price
750 Mid fico
10k liquid assets
100k+ 401k
O/O
Full Doc

Borrower looking for a property wants to put down 3-20%, but wants to know his options are far as what type of program he can find to purchase this home with as little down as possible. Not a FTHB. Looking for a fixed rate...this I can go FHA?

clearwaterny

347 Posts

Posted - 04/07/2008 : 4:19:55 PM

if its 20 percent down you can get a conventional loan. if its 3% down you can do FHA. i would advise him 10% down with LPMI but depends on his/her needs. seems like a really solid deal.

Vane55a10

657 Posts

Posted - 04/07/2008 : 4:23:26 PM

Thank you.

I need some positivity.

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