Should I expect better? - Posted by lisa

Posted by lisa on March 30, 2004 at 22:14:31:

I’m trying to buy a multifamily (New England) that I will live in (1st time home buyer here). My first problem is getting the prequal letter so my realtor will show me some properties. I have excellent credit, 5K cash, a 401K but I’m a temp (although same line of work for 4 years, temp for the past 8 months). One broker thinks she can get me 100% financing no doc loan 1st and 2nd mortgage with a blended rate of about 9%. Chances are I wont be able to refinance out of this rate without risk of penalty for 5 years? Should I continue waiting for promised “soon” to be permanent position and do FHA? Should I be considering the time value of money here (lost rent income because I don’t own a multi)? Or should I continue looking for better financing?