i dont know, it's just what a broker was telling me when i asked about if it was possible to refi both of my mortgages to consolidate it to 1 since i heard the conforming limit went up. but he said it wouldn't be worth it since after 417k, the rate would go up a percent. 2% is crazy...seems like it might as well be a jumbo if the rate is gonna be that high.

 

Best thing to help the housing problem, which was caused by people buying houses they couldn't afford...


is to help more people buy houses they can't afford.

 

I don't agree there. being well within spending limits on a 30 year fixed for a young couple doesn't mean they have 10k + that they can just throw as a down payment. It doesn't mean in any way that the person is buying outside of their means.

 

so, who's a good lender to go through?

 

Any of them?

 

Countrywide?

 

like?

i don't want to go with one that's gonna go down the tubes in a few months.

 

I think every major bank is a qualified FHA Lender: Wells Fargo, B of A, Wamu, etc.

 

It's still making it easier for people to buy homes, which isn't helping. On a side note, there are so many people offering down payment cash for houses I think I might jump on the bandwagon. :uhhok:

 

This is what we did to get an FHA loan through National City for the house we purchased in January. It was kind of confusing but basically, instead of the sellers taking our offer on the house, we paid the full asking price but the sellers then paid a 3% gift to us by using the Nehemiah Program (which was used as our down payment) as well as the closing costs. In the end, it came out to about the same amount as if they had simply taken our original offer but this way it worked out because we didn't have to pay a large amount down up front.

Just because I couldn't pay $10k up front for a down payment doesn't mean I can't afford to make my monthly mortgage payment without a problem.