All Forum Posts by: Aaron Briggs

In search of mortgage lender that gives grant $ for buying in a low-moderate income "census tract" (geo region that is poorer than middle class). This despite the borrower being high income earner. e.g. Bank of America's "America's Home Grant" gives 7500 for non-recurring closing costs, whatever is left of the 7500 buys down the rate. Know of any other programs like this? We're in Georgia and the sole borrower grosses $93k/yr. 

@Jay Helms@Chris Mason @Jim S.I did find a 5% down for a 3-4 unit owner occupied at 4.44% LPMI 30yr fixed Vs. 3% down for 1-2 unit  owner occupied at 4.55% LPMI 30yr fixed. 

Opinions anybody? Better deals out there? 

@Jim S. I didn't realize that lenders made meaningful distinction between SFR and live-in 2-4 plexes. Thank you.

@Chris Mason PMI baked into interest rate is advantageous because it is deductable and thus can reduce costs?

Wife and I decided we want to ‘house hack’ (owner-occupied multiunit) our first home purchase. We have 800 FICOs combined gross income $150k. We know very, very little about RE but have read a few forums, the Ultimate beginner’s guide, listened to a few podcasts. We’re looking to relocate to Atlanta area somewhere between Atlanta and Columbus, GA within next year. We plan to rent initially with intent to buy when the right opportunity comes along.

How far in advance should we get pre-approved by lender? It's possible our income could grow substantially before needing the loan and so would it then be advantageous to wait? If our income is higher would the parameters of the loan be more advantageous?

Are we looking for Bigfoot here?…seeking lender for a 2-4 unit owner-occupied pre-approved for $250k 3-4% down lender-paid or no mortgage insurance.