Posted on: 27th Nov, 2007 07:56 pm
I am looking to get a mortage for 160-170 k a year. I have a $450 car payment a month and bring in about 65k(but 40 k base and sales are up and down) a year. I want to find the best 0% down mortgage available. Where do i start?
try a broker...most banks or online lenders dont offer MyCommunity or HomePossible programs. (zero down programs)
You will need a 620 to avoid high PMI payments.
Look into a FHA mortgage.....they only require 2.25% as a down payment
You will need a 620 to avoid high PMI payments.
Look into a FHA mortgage.....they only require 2.25% as a down payment
Sorry I have my more detailed post 2 postings above this question.
Flex 100 available throug most conforming lenders will get you there. Or 80/20 with my community second.
Flex100 is a good program if all else fails....but if you have less than a 620..then your PMI starts going through the roof.
Look at Lender Paid PMI products....the rate is higher but MOST LIKELY your monthly payments will be lower.
MyCommunity is zero down like Flex100....but the PMI is a lot lower than the Flex
Look at Lender Paid PMI products....the rate is higher but MOST LIKELY your monthly payments will be lower.
MyCommunity is zero down like Flex100....but the PMI is a lot lower than the Flex