|
Author
|
Topic: FUUUUCK buying a house
|
Black88GT
CAFords OG
Member # 394
|
posted
 
 
Have you guys ever heard of www.naca.com ? There are a few guys at work that have used them. The only drawback I see is they only can get you into a 450000 house here in Alameda county.Check it out, Id love to see you guys pick it apart..... That will save me the time ![[Wink]](wink.gif)
Posts: 991 | From: Alameda | Registered: Aug 2001
| :
|
|
|
|
Dag302
¯
Member # 4682
|
posted
quote:
Originally posted by NorCalRydaz:
what's PMI ??
private mortgage insurance. when your loan to value is not a certain amount they tack that on to your payment. I believe its usually 80% LTV.
[ March 27, 2008, 12:47 AM: Message edited by: Dag302 ]
--------------------
04 Expedition 4X4
93 Cobra #822
96 Cobra
Posts: 2842 | From: Sacramento | Registered: Jul 2004
| :
|
|
Jdub07
( O Y O )
Member # 2728
|
posted
B of A still does 80/10/10 until the 1st of April. Last night we locked in the rate of 5.875% for our first and a 7.5% for our second,...both being a locked rate for the deration of the loan. Our closing costs are $5k less than they were going to be.
FINALLY!! But I'm not going to hang up the gloves just yet. April 25 we should get keys. Only then will I be happy.
Posts: 7282 | Registered: Apr 2003
| :
|
|
venomous99
¯
Member # 1917
|
posted
quote:
Originally posted by Black88GT:
Have you guys ever heard of <a href="http://www.naca.com" target="_blank" rel="nofollow">www.naca.com</a> ? There are a few guys at work that have used them. The only drawback I see is they only can get you into a 450000 house here in Alameda county.Check it out, Id love to see you guys pick it apart..... That will save me the time
quickly glimpsed at the site at work. there has to be some sort of catch with this. 5% fixed 30 loan, 0 points is unheard of today.
--------------------
MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
| :
|
|
N8
¯
Member # 6048
|
posted
good luck man. What are you gaining by going with a split loan may I ask? All my purchases have been 1 loan so I never encountered this.
Posts: 11638 | Registered: Sep 2005
| :
|
|
venomous99
¯
Member # 1917
|
posted
quote:
Originally posted by N8:
good luck man. What are you gaining by going with a split loan may I ask? All my purchases have been 1 loan so I never encountered this.
its not so much for the borrower but for the main lender.
its done as protection to the main lender doing the 80%. a bank would do the 90/10 if pmi in involved but most new home buyers would rather sacrifice the higher rate 2nd mortgage to fund the 10% to avoid pmi. in the past pmi was non tax deductable but now it is.
hey jdub. if you want more advice i woudl suggest posting on trulia. always good to get as much info as u can...buying a house is a huge step obviously and u dont want to get burned by not reading the fine print... them stack of papers u gotta sign at the escrow office is scary. u may be signing ur life away in the fine print..lol jp
[ March 27, 2008, 02:39 PM: Message edited by: venomous99 ]
--------------------
MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
| :
|
|
Yaterstang
¯
Member # 7659
|
posted
quote:
Originally posted by N8:
good luck man. What are you gaining by going with a split loan may I ask? All my purchases have been 1 loan so I never encountered this.
Just like Venomous says, anything over 80% would require PMI but also in jdubs case a single loan of the 90% will run you into the jumbo rates. Jumbo rates have been garbage, even with fannie mae picking some of the loans up over 417K. The rates for jumbo have been typically running a percent and 1/4 higher than a conforming loan amount >417K. Also any loans that were done in the past five years, you know stated income one loan to 100% with no PMI have been pretty much been wiped out because nobody on wall st are willing to buy the loans. So the majority of loan programs that are left are the conforming loans, which due to all the defaults doesnt seem like a bad idea now.
Posts: 2968 | From: Natomas | Registered: May 2007
| :
|
|
Email this post to someone!
Printer friendly view of this Ford topic
