Answered questions make me feel a little more at ease knowing that I understand the loan process because there are so many factors to consider. Spoke with our loan representative this morning for about an hour going over the numbers, what they meant, talking about FHA vs Conventional for the loan and what will work out best for us.
Years ago when my husband and I first purchased our condo we never looked into everything this closely. We just knew that we could put down 3%, how much to bring to closing, what our interest rate would be, how many years we were taking the loan out for and that it was FHA.
Now we can afford to do more, afford to buy a larger home and a new construction no less. Just happy that we will be getting the type of home we want in an area we love. Even though we will be getting less for our current home, the condo, than what we originally purchased it for.
Such is life and these things happen. We purchased our first home in a sellers market, are selling our first home in a buyers market, and buying our dream home in a buyers market. At least something is working out for us this time. :)
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