I telephoned the real estate office today and spoke with the manager. This is what she said about their program. I can put 3% down and they pay closing cost. They have a special program in that I have 5 % interest rate the first year, 6% the second year and then 7% fixed rate. They sounded good to me but what do I know. My mortgage, taxes and insurance etc. will run me a little over $1,200/mo. I thought that was reasonable. I can get up the down payment somehow, one way or the other. Thank you for talking me out of the more expensive choice. I am very happy with this one. I dont have time off work so I have to swing by there Saturday and put this project in the working. This board really came thru for me this time. I knew the right questions to ask this lady today. Thanks again. roni
Hey Roni, That's a 2/1 Buydown which is really popular right now. Sounds like they are going to pay the money to buy down the rate for the first two years which is really good. I hope it works out for you. Good Luck!!!!!!
