Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

finding the lowest payment (with little or no money down)
Okay, have you ever wondered, or have you ever compared the programs available to see who's got the lowest payment?
especially if you're a first time homebuyer
I'm going to use as a basis a purchase price of $125,000 and an interest rate of 4.75% for all examples
let's start with
VA
there's 3 different VA categories I will address;
if you're using your eligibility for the first time it's 2.15% for the funding fee
so with the funding fee the mortgage is $127,687 and the P&I is   $666.08
 if you have used your eligibility previously the funding fee is 3.3%
so with the funding fee the mortgage is $129, 125 and the P&I is  $673.58
if you have a VA related disability the funding fee may be waved
so with no funding fee the mortgage is $125,000 and the P&I is    $652.08
(that could be it-the lowest payment-we'll see)
next
FHA
this alters the comparisons a bit in that FHA requires a 3.5% down payment, in this case $4375.
so the base mortgage amount is $120,625 but
the mortgage amount with the upfront MIP is $122,735 and the P&I is   $640.24
AND to this example we need to add the ... more

__________________________________________________
Are you on The Rain? Grow Your Network!