SouthernN'Proud
Southern Discomfort
I need ya, man.
MOrtgages. Let's discuss.
MOrtgages. Let's discuss.
HOMIE!!!!!!
- Thread starter SouthernN'Proud
- Start date
SouthernN'Proud
Southern Discomfort
First, the facts...
1. We own our own land. 3.5 acres give or take. Paid for, free and clear.
2. We know what we can afford for monthly payment, ergo we know how much house to shop for/build.
3. If at all possible, I would rather not put all that land up. I want to parcel out the 1.5 and put that up, and keep the other 2 acres in our names. We've learned that you never know what life has in store, and if we can keep enough to sell if needed or whatever might happen, we'd like to.
Now, the variables...
1. Everywhere we go, all they want to offer is an ARM. I won't go that route for documented reasons.
2. One place is suggesting FHA. Apparently, the biggest difference between FHA that we were not going to do anyway is that we have to have some manner of sidewalk on the property. No big whoop from our end.
3. While we are (understandably I would think) anxious to get something back and move on with our lives, I flat out refuse to commit financial suicide just to "get this over with". One mistake now lasts 30 years.
Do you know of any other potential problems with an FHA mortgage over conventional? You being the number cruncher in residence, thought maybe you'd have some experience/insight. Many thanks.
1. We own our own land. 3.5 acres give or take. Paid for, free and clear.
2. We know what we can afford for monthly payment, ergo we know how much house to shop for/build.
3. If at all possible, I would rather not put all that land up. I want to parcel out the 1.5 and put that up, and keep the other 2 acres in our names. We've learned that you never know what life has in store, and if we can keep enough to sell if needed or whatever might happen, we'd like to.
Now, the variables...
1. Everywhere we go, all they want to offer is an ARM. I won't go that route for documented reasons.
2. One place is suggesting FHA. Apparently, the biggest difference between FHA that we were not going to do anyway is that we have to have some manner of sidewalk on the property. No big whoop from our end.
3. While we are (understandably I would think) anxious to get something back and move on with our lives, I flat out refuse to commit financial suicide just to "get this over with". One mistake now lasts 30 years.
Do you know of any other potential problems with an FHA mortgage over conventional? You being the number cruncher in residence, thought maybe you'd have some experience/insight. Many thanks.
HomeLAN
New Member
The biggest difference is in the qualification procedures. It's easier in some areas and harder in others. Take a look-see here:
http://www.fhatoday.com/
Once it's running, it's transparent. In fact, mine was FHA backed, but run through a bank. That's the norm.
http://www.fhatoday.com/
Once it's running, it's transparent. In fact, mine was FHA backed, but run through a bank. That's the norm.
SouthernN'Proud
Southern Discomfort
I'm willing to foot the one time survey cost if it means we can have land worth an easy $25-40K as a safety net.
Thanks for the linkster. For some reason, I had it in my mind that FHA = higher closing but lower APR. Again, I'm trying to look 10 years down the road instead of sticking $200 in my pocket today that won't be there in ten years.
You da man!
Thanks for the linkster. For some reason, I had it in my mind that FHA = higher closing but lower APR. Again, I'm trying to look 10 years down the road instead of sticking $200 in my pocket today that won't be there in ten years.
You da man!