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an 80/15/5 would typically be the best overall option to gather the lowest overall monthly payments - historically, this is the most cost effective option. Of course, with most 15% options you will typically be faced with a balloon payment after 15 years (lower payments) or you can have a 15/15 amortized which pays off then, but of course that means a slightly higher payment.
With that much money down, it's possible to get a good conforming rate on the 1st, and depending on where your credit is exactly you may qualify for a decent rate on a 2nd mortgage. Of course, if your goal is to stay long term I suggest biting the bullet and doing a 30/fixed in 1st. If you THINK there is a possibility of selling, or moving on in the next several years, then as you have seen, maybe an ARM may be a better option.
5 years into an FHA and they have to drop the MI..
Good luck.
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