Common Questions Asked By First Time Home Buyers

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I consider it a privilege to share this information with you.

I wanted to share with you some of the questions I got yesterday at the FL Times Union Home Buyers Expo. Over 1500 people attended, it was a huge success!  I was honored to be asked to speak to their audience.

I did two presentations.  Each presentation gave a quick overview of two topics.  The first presentation was 3 Monumental Money Mistakes To Avoid & Why Shopping for the Best Interest Rate can Cost you Money. Common questions pertained to the differences in FHA and Conventional Loans and the different mortgage insurance rates for each as well as the funding fees for government loans.

The second presentation covered 7 Massive Mortgage Mistakes to Avoid & VA, FHA & Conventional Financing Highlights. A common question was, "What if I have a 640 credit score and I am a first time home buyer, can I put down only 3%?"  Yes, if you are a first time home buyer and qualify for conventional loan financing, you can put down as little as 3% with a 640 credit score. However, the monthly mortgage insurance will be more expensive due to the 640 credit score. Here are some highlights from the 2nd half of this presentation.  I hope you find this information useful.

Here are some VA Loan Highlights:

•Minimum Down Payment 3.0% for first time home buyers, otherwise 5%

•No Funding Fee

•Monthly MI varies based on down payment, credit score, type of residence, varies from 0.22%-0.74%

•MI is automatically removed at 22% equity

•Minimum Credit Score 620 with 20% down payment or 640 with 5% down payment

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Here are some FHA Loan Highlights:

•Minimum Down Payment 3.5%

•FHA Funding Fee of 1.75%

•Monthly MI of 0.85% with 3.5% down or .80% with 5% down payment

•MI is for the life of the loan

•Minimum Credit Score 580

Here are some Conventional Loan Highlights:

•Minimum Down Payment 3.0% for first time home buyers, otherwise 5%

•No Funding Fee

•Monthly MI varies based on down payment, credit score, type of residence, varies from 0.22%-0.74%

•MI is automatically removed at 22% equity

•Minimum Credit Score 620 with 20% down payment or 640 with 5% down payment

***Please keep in mind this is only an example for illustration purposes.  These interest rates may not be available and/or you may not qualify for this loan type.

All of this information can be found in much more detail in my #1 Best Selling Book on Amazon

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