Posts Tagged ‘fha loan’
Wednesday, July 14th, 2010
Here’s the scenario …
Been in my first home for 1 year and have a 5.5% fixed rate on an FHA mortgage. I plan on living here for 4 more years and then selling to upgrade into a new home. I was contacted by my old broker proposing to do an FHA Streamline refinance to take advantage of the current lower rates. His proposition is this…
- 4.625% rate
- Payments lowered by 0 per month
- I bring .8k to closing
- Loan balance goes up by k
I’m trying to understand why this would make sense for me to do.
By my logic the scenario doesn’t give me much of an advantage…
GAIN: months(48) x savings (0) = 80 gained
vs.
LOSS: closing (00) + loan balance change(00) = 00 lost
The broker is arguing with me that the closing is basically free because I can bring the skip payment that would occur plus some refunded escrow money to pay for it. I don’t know if I would agree with that. Seems like I’m financing my savings with cash upfront and losing equity. Any opinions or insight would be greatly appreciated. Thanks!
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Tags: adjustable rate mortgage, blue earth county, dallal, dwi attorneys, escrow, fha loan, fha loans, fha mortgage, fixed rate, home mortgage, insight, loan balance, logic, longe, money, mortgage finance, mortgage florida, mortgage loans, mortgage refinancing, personal loans, q3, rate payments, trading card, upfront, waukesha, would make sense
Posted in Home Equity Loan Refinancing | 3 Comments »
Tuesday, July 13th, 2010
I recently purchased a house with a FHA loan. The home appraised to a value greater than what I owe the bank. Can I refinance the loan to get a conventional loan using the equity? Is there any time period restrictions for refinancing a FHA loan to Conventional loan? Will the upfront mortgage insurance on the FHA loan be refunded if I refinance? Please advice.
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Tags: best mortgage deal, conventional loan, fha home loan, fha home loans, fha loan, fha mortgage, florida retirement, free auto insurance, government mortgage, health insurance carrier, home fha, insurance, insurance loans, insurance tips, low interest rate loan, mortgage florida, mortgage solutions, rabbit fur, reverse mortgages, right insurance, time period, upfront mortgage insurance, va home loans
Posted in Home Equity Loan Refinancing | 4 Comments »
Thursday, March 18th, 2010
I’m getting conflicting info from mortgage companies. I have a 1st and 2nd mortgage through bank of America (2nd is balloon mtg.) All I’m looking to do is combine the two through another company, not take any additional money out. I don’t have much equity in the house, and have been told 2 different things regarding an FHA loan. One lender says they can refinance up to 97.75% of my home’s value. Another said They can only refinance up to 85% on what they consider to be a "cash-out" refinance. Do they consider it cash out when you’re paying off a 2nd mortgage along with your first?
I’m clueless about this stuff- please help!!! Thanks 
Tags: 2 different things, balloon, bank of america, fha loan, money, mortgage companies
Posted in Home Equity Loan Refinancing | 1 Comment »
Wednesday, March 17th, 2010
Im refinancing and the broker says that i am going to pay PMI on an FHA loan for at least 5 years. If I come up with cash (Before the 5 year mark) and lower the principle and get the home appraised and it turns out to be 80% or more in equity, can I get the PMI taken off or am i stuck for 5 years no matter what equity is built into the house????
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Tags: bell jar, business press, christian finance, downpayment, fha loan, figgins, financial literacy, french industry, goodson, home improvement loan, home mortgage loans, loan costs, mortgage finance, mortgage insurance premiums, mortgage rates, news of the world, pmi, pmp exam, principle, principle and interest, refinancing, secured loans, world economy
Posted in Home Equity Loan Refinancing | 3 Comments »
Thursday, February 25th, 2010
Here is what I’m interested in doing … have an eye on a great condo, list prices were around 0k a few years ago, but they are just building and did it right during a down turn in real estate in the area. As a result they dropped the asking price to about 5k. We got a good walk thru with a realitor and she said cash is king here and if they have a cash buyer she knows they’ll likely settle in around 0k just to move the first few units (they build them by the entrance and that was a bad choice!)
So … my credit isn’t going to help with a conventional loan since it can’t be an FHA loan since the project is only about 15% complete and apparently they must do conventional loans for until the project is further along (that’s what the told us, so it was limited to 1 bank) …
Now to the point, I have a relative who may have around that amount in liquid finances. Can they "lend" me the money to purchase the condo and in turn I would then take out an equity loan to repay them? It should appraise at well over 0k and all I would need to to is pay them back to be free and clear. I’m guessing we could even wait a little while to pay them back (build credit up higher?) but I’d like to do that sooner than later.
What are my limitations? Is credit going to bite me on an equity loan if I own outright? Any resources, tips, info would be appreciated!
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Tags: amp, arizona foreclosure, asking price, auto loan, bankruptcy, bioshock, cash buyer, cash is king, condo sales, conventional loan, conventional loans, equity loan, fha loan, foreclosure homes, foreign exchange market, gm, mario, money, newegg, real estate, realitor, s market, south beach
Posted in what is home equity loan | 1 Comment »
Sunday, February 21st, 2010
I HAVE A HOME EQUITY LINE OF CREDIT. I HAVE TO PAY ABOUT 75,000 AND HAVE A FIXED RATE AT 7.45 %. MY MONTHLY PAYMENTS ARE MOSTLY INTEREST ABOUT 0. I TALKED TO THE BANK AND THEY SAID I COULD GET OUT OF THE 7.45% FIXED INTEREST RATE AND GET A PRIME RATE AT 3% AND I’D BE CHARGED A ONE TIME 0 CANCELLATION FEE. WHAT I WANTED TO KNOW IS SHOULD I CANCEL THE LOCKED 7.45% AND GET THE PRIME RATE? WHAT ARE THE PROS AND CONS?
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Tags: 30 year fixed mortgages, adjustable rate mortgage, cancellation fee, credit card debt, debt consolidation loan, debt interest, digital signage, equity line of credit, fha loan, fixed interest, fixed rate, home equity line, home equity line of credit, Home Equity Loan, interest rate, investment tips, junior research fellowship, loan guidelines, loose diamond, mortgage maryland, prime rate, private student loan consolidation, professional credit, pros and cons, student loan consolidation
Posted in heloc rates | No Comments »
Thursday, February 11th, 2010
I am already a homeowner. However, due to divorce and finishing up grad school (PhD program) I am both in debt and have shaky credit (FICO about 550). I have already used an FHA loan for my first home and can’t rely on that because I still own it and can’t have two FHA loans. Does anyone have knowledge of other programs out there? I may too much for a low-income loan, etc. I could probably pay about 5% down payment if I took out a home equity loan against my first house.
Income is about 75K a year. Thanks!
A) I don’t live in the town where I own my other home and need housing! Owning is better than renting investment wise
B) It’s actually easier to get a house when you already own one!
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Tags: carnegie pa, credit scoring, fha home loans, fha loan, fha loans, fha mortgage loan, fico, fioretti, first house, first snow, first time home buyers, gop opponent, grad school, harmonics, Home Equity Loan, income loan, jersey mortgage, loan period, rio grande, startl, startup investment, time home buyers
Posted in about home equity loans | 1 Comment »
Saturday, February 6th, 2010
Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?
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Tags: alamo city, auctions, canada, conventional loan, dear baby, dollar down, fha, fha home loan, fha loan, fha mortgage, loan comparison software, mortgages, patient zero, prototype, realtors, rental property owner, retirement, software escrow, zero down
Posted in zero down home loans | 1 Comment »
Saturday, January 16th, 2010
I have done loan modification with my first mortgage.
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Tags: bank loan, center expert, commercial equity, equity line of credit, fha loan, first mortgage, foreclosure, hardship letters, heading, housing bailout, insurance, loan modification, mortgage market, mortgages real estate, private mortgage insurance, second mortgage
Posted in home equity line of credit | 1 Comment »
Friday, November 27th, 2009
I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
Thanks in advance for any advice
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Tags: bearing, bsa motorcycle, buying a house, christmas gifts, deed in lieu, deed in lieu of foreclosure, equity line of credit, equity mortgage, fha loan, fha mortgage, foreclosure mortgage, halfords, home equity line, home equity line of credit, Home Equity Loan, home equity loans, jonathan bean, mortgage calculators, mortgage holders, mortgage home equity, prepayment penalty, thanks in advance
Posted in home equity line of credit | No Comments »
Related ‘fha loan’ sites :
 | Federal Housing Administration
Provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories.
www.fha.gov |
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 | Let FHA Loans Help You - HUD
Information about loans from the U.S. Department of Housing and Urban Development any buying homes with a low down payment.
www.hud.gov/buying/loans.cfm |
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 | HUD - Why Ask For FHA Loan
Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan. ...
www.hud.gov/fha/choosefha.cfm |
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