I'm surprised that you had to go all the way up to 4%. Ah, I get it. No
income. ;)
Congrats, Moose. Anybody getting their way through this process now is to
be commended. We did FHA (never again). The whole process took about two
months. Total amount of paper we signed or submitted was thicker than a
ream of 20#. Staggering. We bought our last place in 2008 with a
conventional and that was horrid. This was at least four times more paper.
All said and done, we ended up with a 30 year fixed at 3.75%. We could have
done a 15 for 3.5% and even bought a point to bring it down to 2.5%.
Actually, if we would have brought more money to the down payment (couldn't
because we took a nasty hit on the sale of the condo which is why we did
FHA), we could have brought it all the way down to 2.0%. That's free money!
The wife says this is the last one we buy in Iowa.
--
Ken Norton
ken@xxxxxxxxxxx
http://www.zone-10.com
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