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Most of the rate comparison sites aren't comprehensive, and in fact, most of them are affiliate link mills which takes away all of that site's credibility. So, I'm reaching out to the C-D community to see if there are any national or state institutions that service Florida who have strong rates on FHA or 3-5% down payment loans with LPMI.
Looking to purchase a condo for our first home that will need a limited amount of updating and if necessary, can refi the loan in 1-2 years when we begin to lease it out and buy our next property so that we can build a portfolio of properties. Property value will be below $175k for the ones we've been looking at - most even lower than that with reasonable HOA fees.
I've looked at Navy Federal CU and a few other local credit unions who post their rates, but I also saw Navy Federal charges a 1% origination fee which I think makes their rates less attractive. I'd rather not pay any points up front.
Back when I was looking at houses in another market, I saw CU's offering 15/15 ARM products with LPMI up to 97% financing. That's what I would be really looking for if available in Florida or in a national/regional lender that services FL.
Most of the rate comparison sites aren't comprehensive, and in fact, most of them are affiliate link mills which takes away all of that site's credibility. So, I'm reaching out to the C-D community to see if there are any national or state institutions that service Florida who have strong rates on FHA or 3-5% down payment loans with LPMI.
Looking to purchase a condo for our first home that will need a limited amount of updating and if necessary, can refi the loan in 1-2 years when we begin to lease it out and buy our next property so that we can build a portfolio of properties. Property value will be below $175k for the ones we've been looking at - most even lower than that with reasonable HOA fees.
I've looked at Navy Federal CU and a few other local credit unions who post their rates, but I also saw Navy Federal charges a 1% origination fee which I think makes their rates less attractive. I'd rather not pay any points up front.
Back when I was looking at houses in another market, I saw CU's offering 15/15 ARM products with LPMI up to 97% financing. That's what I would be really looking for if available in Florida or in a national/regional lender that services FL.
Florida condo 97% with Lender-paid MI is running around 5%. Closer to 4.625 if you had the seller pay up-front lump-sum MI. You might make too much money to use Home Possible, but maybe not.
Florida condo 97% with Lender-paid MI is running around 5%. Closer to 4.625 if you had the seller pay up-front lump-sum MI. You might make too much money to use Home Possible, but maybe not.
*This is not a solicitation, just trying to inform.
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