Must i be wary off Earliest-Go out Owning a home Apps?

Now We confronted by a realtor (A customers representative, apparently). I found myself looking to explore preserving right up a genuine off fee, and you can birth the seek a house a bit the following year.

As an alternative, she was very thrilled for us. All of the she know is actually that people generated below 70k and had zero advance payment stored. She believes she will be able to rating all of us for the a house contained in this six weeks, in place of 24 months like I had thought.

She directed me to a lender and you will desires me to find if we may pre-approved to possess good “special” home loan that is :

1. 100% Funded
2. Up to $two hundred,000
3. No PMI
4. Having Earliest-Time Homebuyers only
5. Getting People that have Reasonable so you can Modest Earnings

I was in impact one to FHA financing was my simply alternative, however, so it appears too good to be real. I will set-up a meeting with the lender, but have a feeling they’ve been trying to place me personally up which includes particular predatory loan.

Exactly how can i know if bringing it mortgage is within my personal welfare? I’m sure to look out for higher rates otherwise weird fee costs, but is truth be told there something they you are going to sneak in towards the contract that we will most likely not notice? Read the rest of this entry »