Posted on: 20th Oct, 2008 08:47 pm
My offer was accepted for a foreclosure single family home located in westchester county, NY. First time homebuyer earning combined income of $60K/year. The home needs major renovation. Should I go for Sonyma/FHA loan? Also, should I opt for 203K mortgage/SONYMa remodel loan? Is it wise to get another remodelling loan in addition to the basic SONYMA/FHA home loan? Does it makes a different in terms of the interest rate if I'm paying 3% downpayment vs 10%?
Hi swetie!
Both SONYMA and FHA loans are good for first time home buyers. If SONYMA has a remodel loan, then FHA also has a loan which allows you to buy a house and also fix it up. You can compare both the loans and see which one is affordable for you and go for it. You can also consult with two or three lenders to have a clear idea about the loans.
Sometimes, if you are paying a higher down payment, there is a chance that your interest rates will be lesser.
Thanks.
Both SONYMA and FHA loans are good for first time home buyers. If SONYMA has a remodel loan, then FHA also has a loan which allows you to buy a house and also fix it up. You can compare both the loans and see which one is affordable for you and go for it. You can also consult with two or three lenders to have a clear idea about the loans.
Sometimes, if you are paying a higher down payment, there is a chance that your interest rates will be lesser.
Thanks.
Hi swetie!
You can check the following link to know more about the SONYMA. Some of our community members have given their opinions here:
http://www.mortgagefit.com/newyork/sonyma.html
Thanks.
You can check the following link to know more about the SONYMA. Some of our community members have given their opinions here:
http://www.mortgagefit.com/newyork/sonyma.html
Thanks.