South Florida Nesties
My Blog: One Project at a Time Blog
My Chart
CP 05/09
BFP on 7/26/09 - M/C 8/13/09 @ 7 Wks
BFP on 10/28/09 - M/C 11/9/09 @ 5 Wks 2 Days
1/25/10 - RPL results everything normal but have low Progesterone
BFP on 06/09/10 - EDD 02/20/2011
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Conventional Loan
Hi ladies!
Has anyone done a conventional loan? Everything that we find that we want does not qualify for an FHA, so our next option is a conventional loan.
If you have closed with a conventional loan:
1. What was your down payment, 10% or 20%
2. Interest rate?
3. Any words of wisdom?
Thank you!
My Blog: One Project at a Time Blog
My Chart
CP 05/09
BFP on 7/26/09 - M/C 8/13/09 @ 7 Wks
BFP on 10/28/09 - M/C 11/9/09 @ 5 Wks 2 Days
1/25/10 - RPL results everything normal but have low Progesterone
BFP on 06/09/10 - EDD 02/20/2011
Re: Conventional Loan
i have no clue, however i know that an fha loan is a much better bet, why don't you try to only of you apply for the fha loan....
good luck!
We are doing a conventional loan. We haven't found a property yet, but we were in contract and went through the entire process last year all the way until the day of closing when we walked. I've also managed at a financial institution and worked closely with lending.
1. Our down payment is going to be 20% (we want to avoid PMI)
2. The interest we are being quoted now are between 5.0% to 5.25%
3. Everything with a conventional is pretty much the same as a FHA except that you will have more properties to offer on.
If you're looking at foreclosed/distressed properties make sure you have a good inspector. If the roof it questionable, get a separate rood inspection and quotes from several companies on how much it takes to repair/replace.
Make sure to thoroughly read and understand your contracts especially in regards to your earnest money. Make sure there are clauses in there that allow you to walk away from the property. Do not be afraid to walk away from a property especially when you can still walk with your earnest money.
The home will not pass FHA Inspection, we are looking into the FHA 203K
My Blog: One Project at a Time Blog
My Chart
CP 05/09
BFP on 7/26/09 - M/C 8/13/09 @ 7 Wks
BFP on 10/28/09 - M/C 11/9/09 @ 5 Wks 2 Days
1/25/10 - RPL results everything normal but have low Progesterone
BFP on 06/09/10 - EDD 02/20/2011
Thank you so much for your help, This is the same reason why we are looking into a Conventional. GL on finding your home!
My Blog: One Project at a Time Blog
My Chart
CP 05/09
BFP on 7/26/09 - M/C 8/13/09 @ 7 Wks
BFP on 10/28/09 - M/C 11/9/09 @ 5 Wks 2 Days
1/25/10 - RPL results everything normal but have low Progesterone
BFP on 06/09/10 - EDD 02/20/2011
An FHA is not better or worse than a Conventional loan. Here is a good article explaining the differences b/w both:
http://www.bankrate.com/finance/financial-literacy/conventional-va-fha-mortgage-1.aspx
For a conventional, you have to have a better credit score and more money down in order to qualify. This may be difficult for many first time home buyers who are not able to save the 5% to 20% requirements or may have relatively new credit history. However, you save on having to pay MIP and other fees which can tact on $100 or more a month onto your mortgage.
Another good source to look at about loans and the lending process is Home Buying for Dummies. It breaks down all the loans and options you have.
ETA: GL on your search Chachita! I hope everything works out. If you have any other questions, I'll be more than happy to answer what I know and able to.