Is this possible

kappy · Joined: 05 May 2009 Posts: 1

Hi all,

We are trying to buy a home worth $540k in california - with a family income of 150k and about 10% down. The home is new and only will be ready by year end.

Other than a $300 per month car loan, we do not have any debt.

Will this work out?

Interest only loans are still there?

Can we get second mortgage to avoid PMI?

FHA is the best option here?

Thanks for all the help.

AnnAnderson1015 · Joined: 30 Mar 2009 Posts: 46

Try doing a conventional loan with a 80/10/10 where the 80% is a 1st mortgage , 10% second , and 10% down. With what you told me you should not have a problem. avoid FHA because of additional cost involve.

Chuck DeMonte · Joined: 17 Apr 2009 Posts: 51

Depending on the FHA limits in your county FHA is always a great loan program and has many benefits a normal conventional does not. If you need help finding a home for your loan please feel free to contact me or if you just have any other questions. I will be more then happy to help!

monal · Joined: 13 Aug 2009 Posts: 2

The scores you see posted here are largely "on my best day ever" scores. People are constantly posting their "low" scores and then asking if we think they are any good. As a high school coach I can tell you that the younger players give you the scores they think will impress you, not the everyday, average, actually counting every stroke scores that they really shoot.

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jimb12345 · Joined: 24 Jun 2009 Posts: 55

if your credit is ok i do not see a problem with this at all. The income is good enough and the 10% is great.