All Forum Posts by: Stephen Wiater

@Chris Mason so let me ask you this, is it smarter to put more of a down payment down instead of keep the fees aside for the closing costs? what do you normally suggest ? by the way I am looking at a duplex for 315k in Bayonne NJ so the down payment would be about 15k if I can get the 5% conventional loan

Ok great. Thanks Michael ill be sure to mention that to my real estate agent to see what they can do! @Michael Cohen

@Chris Mason

Thanks Chris for being straight up. I appreciate the info. I was unaware that I could even do a conventional loan as low as 5% or even 3%, I will definitely look into that rather then the FHA.

Are there ways to tie the closing costs into the mortgage instead of using several thousands of dollars for that because I will be in better shape if I can put this 4K toward the down payment rather then save it for all the closing cost@Chris Mason

That's a good question but I have no idea @Katherine S. I heard that if you do get a FHA loan that you have to pay the PMI for atleast a year before you refi but Im not even sure if this is true or not...

Thank you for the info guys!  @Peter Mckernan @Alexander Zurn @Manny Lopez

Hello All,

I am trying to get approved for a FHA loan and I understand that there is PMI insurance in most cases.

My questions is:

Is there a way to not pay the PMI payment at all or a very low PMI payment?

any tricks and tips regarding this matter or the whole FHA loan process would be much appreciated!

Thank you guys!

Nick, 

 I am running into the same problem because I live in the New Jersey/NYC area and the numbers are almost just impossible to hit. The good news is if you can find a good enough deal and have it renovated, you will be able to charge HIGH rent in these areas. so it can still work out it is just harder to find a cheap deal.

Thank you

@Andrew Johnson

Brian/Mike, Thank you Both for the Info