[KFC911]

Originally Posted by slakjaw

Thanks guys. I do have an approval letter which I included with my offer. I don't have the the best credit. Not bad I guess but not much either. 2 credit cards is all I have ever had, they called it thin credit and my rate will be 4.75% is this a good rate for a first time buyer with little credit history?

I think so...is 4.75 fixed? It's all relative...these are still historically once in a lifetime rates...in '93, I think my 30 year fixed was 7.625 and a few years later I refied with a Credit Uniioin (highly recomnended) foir 6.125. I think I was about the age you are now fwiw.

Originally Posted by slakjaw

I thought that was interesting as well. I saved up enough to put 20% on a ~190k house. I am no flipper. if I hadn't saved id be over in Brooklyn park with the gang-bangers. I felt I needed the down payment to be able to survive the mortgage payment.

You've done good Kyle...had a plan and now you're ready to make a move...I looked for six months (just like searching for my Carrera) mostly on my own...figuring out what I wanted, etc. and waiting for the "right" one to come along.

Originally Posted by RANDY P

PMI is a hard and fast rule for any single loan you take out that has less than 20% down. They either give you PMI or raise the rate to compensate it for it.

Lots of people settle for PMI because they have no choice.. Anyone with assets usually puts the 20% or more down, and gets the best possible deal and fastest approval.

Anytime you go below 20% down, more restrictions, harder qualification applies....

PS the only real low down games in town anymore are FHA, VA, and 5% conventional programs-

all of which suck rate and payment wise (except, possibly VA)and are no real deal compared to putting an honest 20% down.. Putting less than 20% down will make the payment jump considerably.

Remember, that you might've gotten a "good deal" but the rates and pricing are still within a specific bracket based on your downpayment. Less down payment = different pricing bracket, and it sucks these days due to the housing and economy situation.

rjp

I understand all of that, but just simply disagree from a strict quantitative analysis perspective as it applied to me...everyone's MMV.

Originally Posted by look 171

there might several over the asking offers so they are trying to bid it up. I hate that. You just have to go in with your best and final offer with the plan to walk away form it and go off to the next one. your agent can tell you that, but not sure if you can request to see other offers to see if its true that there are other offers. I feel bad for first time buyer in this market.

I think Slak's in a great position as a first time buyer right now. I can't relate to CA real estate discussions at ALL however .