Texas Home Equity Loan» fha loan

Does this FHA streamline refinance make sense to do if I plan to sell in 4 years?

admin — Wed, 14 Jul 2010 10:50:53 +0000

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!

Refinancing a FHA loan to Conventional loan?

admin — Wed, 14 Jul 2010 04:16:23 +0000

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.

What's the difference between a refinance and a cash-out refinance for an FHA mortgage?

admin — Thu, 18 Mar 2010 22:50:01 +0000

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

Does PMI on a FHA stop after 5 years?

admin — Wed, 17 Mar 2010 22:13:18 +0000

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????

What are the ins and outs of home equity loans?

admin — Fri, 26 Feb 2010 00:05:52 +0000

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!

HELOC PRIME RATE VS FIXED RATE.?

admin — Sun, 21 Feb 2010 12:00:33 +0000

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?

Can you buy a house in this economy with shaky credit if you have good income?

admin — Thu, 11 Feb 2010 23:26:42 +0000

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!

Any Zero down home loan out there?

admin — Sun, 07 Feb 2010 05:01:02 +0000

Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?

How can i get rid of my home equity line of credit?

admin — Sat, 16 Jan 2010 11:24:28 +0000

I have done loan modification with my first mortgage.

Can you do a Deed-in-lieu of foreclosure if you have a home equity line of credit on your home?

admin — Sat, 28 Nov 2009 02:05:47 +0000

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

Texas Home Equity Loan» fha loan

Does this FHA streamline refinance make sense to do if I plan to sell in 4 years?

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admin — Wed, 17 Mar 2010 22:13:18 +0000

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