New Mortgage Question?
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I was just approved for a mortgage with an 6.75 interest rate.
It is an FHA loan. I am a vet so using a VA loan is an option for me. My monthly payment will be 1,023 a month. I am a first time home buyer and I think that is steep. My fico scores arent that great but they arent terrible either. I just want to know, should I go with the FHA? Shop around for a better interest rate or go with a VA Loan. The loan was for 130,000
Equifax-645
Trans Union- 657
Experian- 675
New Mortgage Question?Im a loan officer and I can tell you that both FHA and VA loans are great options...there are benefits to both..however I think there is a slightly greater benefit to a VA loan. Firstly, FHA loans are capped no matter what at 97% which means that even if you were approved at 100% you are still going to have to bring 3% out of pocket. Secondly, although the rates on an FHA loan are decent you are going to be offered a better rate with a VA loan and you can still got all the way to 100%. You'll be bringing less to the table and you'll still have a lower monthly payment. VA loans are benefits for those serving our country. Take advantage!!
New Mortgage Question?You can get a lower rate however, lower rates are associated with higher costs (upfront). Tell your lender you will take the lower rate and then when you fo to buy a home you can negotiate with the seller to credit you for the additional costs.
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