I'm a first time home buyer, should I try for a WHEDA, FHA, or USDA?
I can put $20,000 as a down payment. Please help, there are so many different thoughts and comments out there and I don't what to believe.
My wife and I are looking for a house between 100,000 and 120,000 dollars
- D.E.B.S.Lv 77 years agoFavourite answer
This question is EXACTLY what you should ask your mortgage broker. Find one in your area that can help. It will be well worth it.
- realtor.sailorLv 77 years ago
OPM: Other People's Money. Get the maximum mortgage with the lowest down payment. FHA is the most popular and requires 3.5% down payment. USDA is $0 down but limited to rural areas. Not familiar with the other one.
- linkus86Lv 77 years ago
Ideally you should use WHEDA with a conventional loan. That way you could afford to pay 20% down, plus closings costs and not be subject to private mortgage insurance.
But I have to wonder if you would even qualify for WHEDA since it is designed for lower income first time buyers, and lower income buyers don't tend to have $20k lying around. But definitely give it a try,
- 7 years ago
I guess you live in Wisconsin. As a former mortgage broker who sold such, FHA is great. Only requires 640 credit score to pass, and if better = better interest rate. But as a first time buyer, there is SO much to know. Here is a link to help you sort it out. It is from a solid source (HUD):
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- kemperkLv 77 years ago
call your bank first
and ask your RE buyer's agent.
NEVER buy without having a RE BA
- CarenLv 77 years ago
usda, rural, hard to sell sometimes because it's far away from things.
- real estate guyLv 77 years ago
without knowing the sales price, no one can answer your question.