Question by Plain Jim: When will interest rates start to go up in earnest?
Any prediction on when interest rates in general will trend up and stay that way for awhile?
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Question by Strange: Can I get an FHA loan for a new house right after I use the HARP 2.0 to refinance my current home?
I plan to rent out my current home and am relocating out of state and want to buy a new home.
Best answer:
Answer by Ursugardaddy
This is a question that should be directed to your lender since they would be taking money from you. Make them work for their money..
Have you ever wonder why are people called homeowners? This has to be the most outrageous lie on earth. We call someone an owner even when they have a mortgage, for sale can’t everyone see how stupid this is? You’re not the owner until you make the last payment. Even if you pay your mortgage you can never finish paying your property tax.
No body is a homeowner the government won’t allow it. The American Dream of home ownership is the greatest lie ever told, stuff and the reason has nothing to do with mortgages and affordability. The word ownership comes from “owe no one”. Ownership is the flip side of liberty; they are but heads and tails of the same coin. When we contradict the concept of ownership by calling people homeowners when they can never be free from debt we destroy the concept of liberty. Liberty is impossible without your right to become free from debt. Slavery should be defined as when someone or government can force you to pay them because of what is supposed to belong to you. Not all slaves are created equal and slavery is often disguised and justified by benefits the slave receives from the owner or masters. Slavery prohibits the private ownership of property and can be defined as a tax on what belongs to you, more about or a tax on ownership. The truth is it’s actually impossible to tax ownership for to do so is slavery and makes those in control of the tax the owners. You can’t tax ownership any more than you can make the earth flat by religious decree. Property tax clearly prohibits the ownership of property.
With traditional slavery the tax was on your body and you paid with labor under the threat of a beating. Today we must pay with money and the threat is the government will take your property which they have the audacity to claim you own. Every local government in America threatens to murder its citizens by throwing them into a hostile environment if they don’t pay their property tax. Property tax is the ONLY tax that FORCES you to make money for the state and places you into eternal debt. Government did create money but God made the land and government has no right to replace God and charge you for your existence, stake claim to all the land and make you their slave with properly tax. You can’t appraise the value of a home in monetary terms any more than you can put a price on liberty.
It’s absolutely incredible but the legal definition of property tax is “a tax on ownership”, that this is the best definition of slavery obviously escapes those whom have power over us. The American Dream of home ownership is the most successfully concocted Orwellian deception ever devised. I see no difference between being forced to grow cotton under the threat of a beating and being forced to grow money under the threat of being made homeless except that our plantation has become a lot bigger. In fact, I would love to have the option of taking a beating if it would protect my family from government throwing us in the street. Even Medieval serfs had the option of paying with chickens, some other farm product, or manual labor us modern serfs must pay with cash something only the government can make. In American you can own your pants and shirt but no one is allowed to own their home. America is the land of the slaves and the home of the deceived.
Just because you own a home it doesn’t provide security because if you cant pay your property taxes or HOA fees, you will lose your home anyway
Take Care
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You question deals with two separate issues:
1. HARP loan: The HARP loan does not disqualify you from getting a new loan, including a FHA loan, on a different property. Once you refinance a property through the HARP program, you cannot do another HARP loan on that property.
2. FHA loan: Can you qualify for a FHA loan? That depends on a number of factors including:
* Credit Score: Although FHA loans have very liberal credit score requirements, many lenders require minimum scores of 580 (or even 620).
* DTI (debt to income ratio): FHA loans require DTI ratios of 31% for your housing relating payments including mortgage principal and interest payment, property tax, property insurance, mortgage insurance) and 43% for your total debt payments (housing, other mortgage, credit card, auto loans, etc). Your ratio is your monthly debt payments divided by your gross monthly income. Your HARP mortgage will be included in your debt payments; however, your rental income may not be included, as it is new.
FHA loans require low downpayments (3.5%) but require mortgage insurance, both an upfront premium and a monthly mortgage insurance premium. Those rates recently increased making FHA loans more expensive.
I recommend that you read more about FHA loans at http://www.bills.com/fha-loans/ and get mortgage quotes from their lender network.