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What's LTV? What are points?

I'm not sure what you mean by required. They just asked me how much I planned on putting down and I said "10."

Why are you certain? Is that always the case with 80/15/5 loans? They didn't say anything to me about the 2nd mortgage being variable.

I'm thoroughly confused.

What's FHA? What do you mean by 97%? Wha'ts a lien? What are allowances? What are gift funds? Where do the down payment assistance grants come from, and how are the dollar amounts figured? What's a gift of equity? Bring what to 100%?

Is this type of loan avaliable through every lender?

Good guess. My "middle" score is 746.

ANOTHER $150 per month on top of homeowner's insurence, tax, and my loan payment? Ouch.

What do you mean by 95? I don't understand this whole 95% / 100% thing. 95 percent of what?

Thanks for the replies.

In my search I found http://www.grants.gov but I couldn't really find anything. I'll keep searching though...

Thanks for the reply.

Now that you mention it, I realize it is an 80/15/5

How much does the PMI usually end up costing? Is it a flat fee? or a monthly expense?

I make less then $114K, so unless the PMI is of great expense, I don't really see much of an advantage of an 80/15/5

I'm in the market to buy my first home (30 year fixed), and today I talked with my first potential lender. It made me realize that I need to get ALOT more educated. LOL.

They approved me for up to $200,000 at 6.25% with $10,000 down.

But for some reason this "deal" involves two seperate loans. They called it an "8015" I believe.

Has anyone heard of this type of mortgage? Does this sound like a good deal? My credit score is 746 and they said my payment on a $185,000 loan would be about $1087 per/month. The lender was Chase, BTW.

Thanks in advance for any help.

Hi, I'm looking to buy my first house. Probably a 30 year fixed.

My father keeps telling that government programs exist to help out first time buyers.

I did a quick search but couldn't really find anything.

Do such programs exist? If so, where do I look for them at? Are they State? Federal? County?

Sorry if this is a lame question. Thanks in advance for any help. :oops:

What is a comp?