Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-24-2009, 04:18 PM
 
Location: Houston, Texas
469 posts, read 1,480,479 times
Reputation: 295

Advertisements

Quote:
Originally Posted by EasilyAmused View Post
Can you get a loan for only 3.5% down?
One can get a FHA loan with 3.5% down up to a loan amount of $271k and some change. Guidelines on the property are a little stricter, Mortgage Insurance Premium is kind of high and most condominium projects in Houston can't qualify, but it is a great option for a first time home buyer without alot of cash.
Reply With Quote Quick reply to this message

 
Old 06-24-2009, 04:55 PM
 
851 posts, read 3,616,778 times
Reputation: 455
It's a good time to buy only to those who can afford it. As I see it, "afford" means you can put down at least 20% (in some other countries, it's 30-35%) and STILL have 1 or 2 years of living on the side.

Unless you enjoy the drama of losing a house etc or live in a stressful life where you don't know when you may not be able to make the monthly payment.
Reply With Quote Quick reply to this message
 
Old 06-24-2009, 05:14 PM
 
160 posts, read 395,915 times
Reputation: 95
I like Cross Creek Ranch it is only about 2 miles due west of Cinco Ranch and 1 mile west of Westheimer Lakes. KatyISD, quiet, and great amenities!
Reply With Quote Quick reply to this message
 
Old 06-25-2009, 08:42 AM
 
4 posts, read 11,603 times
Reputation: 10
3.5% down is a great loan (FHA). If you can not put down 20% then FHA is the way to go. The reason to put down 20% is that you will be allowed to buypass the Private Mortgage Insuarnce. Anything less the an 80% LTV(loan to value) will require PMI. as far as communities in the Katy area in your price range I would suggest you look at Chesmar Homes in Cinco Ranch and Westheimer Lakes. They have the most Energy Effecient Homes in the market.
Reply With Quote Quick reply to this message
 
Old 06-26-2009, 04:34 PM
 
70 posts, read 232,822 times
Reputation: 33
FWIW with 15yr FHA and 10% down you can avoid PMI.
Reply With Quote Quick reply to this message
 
Old 06-26-2009, 06:24 PM
 
33 posts, read 201,822 times
Reputation: 48
Quote:
Originally Posted by eloon View Post
FWIW with 15yr FHA and 10% down you can avoid PMI.

hmmm this is new to me..
Reply With Quote Quick reply to this message
 
Old 06-26-2009, 06:34 PM
 
70 posts, read 232,822 times
Reputation: 33
It's for real because I just did it. You still have to pay the up front premium. We went ahead and rolled ours into the note (which doesn't increase your down payment any).

I had originally planned on a 30yr conv and try to refi when I got LTV to 80% but my lender told me that if I could swing it the 15yr FHA with 10% down would be much better because it can be tough to get the PMI taken off - even with a refi. The bank REALLY likes the PMI so they REALLY want you to keep paying it.

Plus a 15yr mortgage seems like it would be much better long term. The note is more but the interest is unbelievably cheaper over the life of the note.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top