When should I lock in my interest rate on a fixed 30-yr FHA mortgage?
Wells Fargo urges judge to reject New York suit over FHA loans Baruch argued that the only FHA claims that can be brought against Wells Fargo would involve individual loans on which underwriters knew they were falsely certifying that the mortgage qualified for FHA insurance. He said the New York suit instead … If you would like more informaiton please visit here… Mortgage Rates: Low Mortgage Rates Remain Intact Despite Flood of Positive … Today's FHA 30 year fixed mortgage rates are as low as 2.750%, approved generic FHA 15 year fixed mortgage interest rates are as low as 2.250% and FHA 5/1 ARM loan rates are as low as 2.250%. FHA mortgages offers several options and benefits to homeowners. If you would like more informaiton please visit here… by eyewashdesign: A. Golden Question by dasielady: How will the Fed’s rate cut affect my mortgage rate? I have been pre-approved for a mortgage through my credit union. The loan is a 5-year ARM for 80% of the value, medical and a 5-year Balloon for 17% of the value, pharm and I am putting 3% down on the house. I am set to close 1 week from today. I have a loan commitment from the lender. I read in the news today that the FED is considering curring interest rates for the money that banks borrow, (which to my understanding is how they set thier interest rates??) by .25 to .50 %. If they do cut rates, would that affect a credit union? Should it lower the rate that I am being offered for my home loan? Would I be foolish to ask my lender (credit union) if my rate goes down? What are your thoughts? Thanks! Best answer: Answer by Adam LMost likely it won’t. The Fed rate isn’t strongly correlated to mortgage rates. Mortgages are more strongly correlated to T-bill rates, such as the 1-year T-sec. These go up and down depending upon how much money the govt. lends and how many people want to buy our bonds. It’s determined more by China and Saudi Arabia than the fed. The reason for the strong correlation is that mortgages ‘compete’ with T-bills for money. Both are long-term, relatively safe places to earn some interest income. –>Adam Add your own answer in the comments! Question by EMPulse: When should I lock in my interest rate on a fixed 30-yr FHA mortgage? My wife and I are buying our first home through the FHA, viagra sale and we’ve been quoted a rate of 6.7%. However, sildenafil we have 60 days to lock it in, prescription and we just saw it fall to 6.375%. Should we go ahead and lock it in now at that new rate, or would it be best to wait and see if it falls any more? Best answer: Answer by 81 HondaI would if I were you, they are bound to go up. What do you think? Answer...
Read MoreIn a FHA Streamline Mortgage do you skip a payment?
Preparing for the Home Affordable Refinancing program Apply article by Brian Hauck If you would like more informaiton please visit here … More Harp Home Affordable refinance program article Question by Danny R: In a FHA Streamline Mortgage do you skip a payment? Ive been told alot of info on this (butalot of conflicting info)…..typically when you refinance a property you skip your next payment. With a FHA Streamline do you skip a payment? Best answer: Answer by Dallas DI have never used the streamline but I have done a lot of loans. You always get a free month that is my understanding even when I refied some properties you skip the first month, dosage that is why I always try to close a deal on the 3 or 4th you can skip almost 2 months. Add your own answer in the...
Read MoreMortgage with bankruptcy?
A handful of good castle photos I located: Castle Measures, no rx site Gibraltar Image by David Stanley The Castle Actions in Gibraltar’s old upper town. If you would like to see much more houses click right here… Question by missbiz85: Is it true that closing costs cannot be combined into an FHA loan? My boyfriend and I are first time home buyers and are going to be purchasing a home with an FHA loan. Our mortgage broker said that the closing costs cannot be rolled into the loan because it’s an FHA. I couldn’t find anything that said that on the FHA website. I was hoping someone might have a little insight into what he’s talking about. Best answer: Answer by ibu guruOfficially, discount you need a minimum of 3.5% down plus closing costs to qualify for an FHA loan. However, advice FHA is in dire financial straits, purchase and we are not seeing FHA or other mortgages (even if approved) actually getting funded by closing. They seem to be developing “last-minute hitches” at a rather alarming rate. 1. Never buy property with an unrelated party. You are asking for trouble – very expensive trouble. 2. You need 20% down, plus closing costs, plus 3 – 6 months of reserves, plus credit score over 700, plus at least 3 years track record on the job to have a prayer of getting a mortgage and actually getting funded by closing. 3. Prices are still dropping! Plus subprime was only a preview of coming attractions. Foreclosures are now expanding into Alt-A, Option ARM, prime and jumbo prime markets. Resets and recasts of interest rates don’t peak until 2011-2012, which means accelerating foreclosures until 2012-2013. You and your bf should not even be thinking about homebuying at present. If you marry, then you might start thinking about it – as long as you have the cash saved up and very secure job prospects. Give your answer to this question below! Question by michael u: Mortgage with bankruptcy? how long do you have to wait for a mort. after bankruptcy, treat my credit has realy improved, ailment not fha, a regular mortgage! Best answer: Answer by golferwhoworks4 years from the discharge date on conforming loans. FHA is just 2 years What do you think? Answer...
Read MoreQ&A: Please help me decide between 2 mortgage loans.?
Question by Ski03: Please help me decide between 2 mortgage loans.? Both Rates are locked and I need to decide for sure in a few days. I can either get an FHA loan with at 5.5% interest with a 5.79% APR including insurance and only 10% down or a 5.5% interest loan at 5.6% APR with 20% down. They are both 15 year mortgages. I am wondering if the FHA loan would be better even though the interest rate is higher since I could probably make an average of 8-10% on the stock market and if rates drop I can refinance and get a refund for the mortgage insurance. The purchase price is $ 400, generic about it 000. I am 24 and have $ 250, stuff adiposity 000 to my name. The nature of my business is not very secure however I expect to make appx $ 200, medical 000 per year for the next few years but it could potentially drop off. My credit is meh which is why I am not getting a 30 year loan. I expect my credit to be well over 700 within 6-24 months. I am considering refinancing in 2 years but I don’t know how much of a gamble it is on interest rates. Thanks, Nick Best answer: Answer by cmatthaiosI personally do not like messing with PMI, so I would take the second one. In the future if you need a HELOC they will look at your LTV, which is your equity on the house. You obviously will have more with the second loan over the first. Give your answer to this question...
Read MoreQ&A: Can we qualify for an FHA mortgage with bad credit?
of Cornell University Library a stated income home loan again becomes a viable option home loan article by Shawn Manaher For more informaiton please visit here … Question by photofemale810: Can we qualify for an FHA mortgage with bad credit? My husband and I make about $ 70k a year, here credit scores are 562 & 542, find we are looking at a house listed for $ 80k with no down payment, stuff can we qualify for an FHA mortgage? I don’t really need a lecture on repairing credit, we are already in process of paying off all of our bad debt and an $ 80k mortgage would be CHEAPER than what we are paying in rent. Best answer: Answer by Big Jebbonly if you try will you know What do you think? Answer...
Read MoreFHA loan after bankruptcy?
Some cool mansion images: Mansion Perrier Dita Von Teese Image by cattias.photos Mansion Perrier Dita Von Teese Much more wonderful homes click right here… FHA Loans Go Far in Montana With only a few exceptions, unhealthy the following loan limits apply to nearly all counties in the state: FHA will provide up to $ 271, mind 050 for a single family residence, visit web $ 347,000 for a duplex, $ 419,425 for a triplex and $ 521,250 for four units. A slight uptick … If you would like more informaiton please visit here… Guidelines Create Quality Jumbo Mortgages Many lenders offer jumbo mortgages to qualified borrowers for the purchase of high end property. Jumbo mortgages are non-traditional loans that are used when purchasing homes that require mortgages above the conforming and FHA loans limits. If you would like more informaiton please visit here… by eyewashdesign: A. Golden Question by Jimmy: If a Government program gives me money, try can this money be used as my income to get a home loan? My brother died 3 months ago an I am a dependent relative. He was getting assistance from Arkansas housing authority. I am able to continue receiving assistance from the Housing Authority as long as I am the sole name on the existing loan. I have no income. Can anyone out there help me? Best answer: Answer by golferwhoworkswith out any income there is no loan as you cannot service the debt. You cannot be discriminated against for pubic assistance by law. Equal Credit Opportunity Act What do you think? Answer below! Question by RichardL: FHA loan after bankruptcy? This past year, rx I went through chapter 7 bankruptcy and lost two properties in the process. The first was a rental home which was taken by the trustee as an asset. Its mortgage was in perfect standing up to the day the trustee took possession. Since then, hospital he has evicted the tenants and made known his intent to sell. However, he has not paid toward the mortgage and the mortgage company has made known their intent to foreclose, even as the trustee is preparing to sell. The second property was a Florida condo that I owned with three others. It was worth far less than the mortgage, but the mortgage was in good standing when I filed chapter 7 as well. Since then, the property mortgage and deed have not changed (I’m still officially on both) although the trustee has accepted the condo into the bankruptcy, he abandoned the property. The other owners have now stopped paying the mortgage and are weighing their options of deed-in-lieu, short sale, bankruptcy and selling out right and taking the loss. Other than this bankruptcy, my credit has been perfect for over 20 years. Base on the above, how long will it be until I’m eligible for an FHA loan? 2 years? 3 years? If it’s a certain period of time, does the time start the day I filed? The date I was discharged? The date my bankruptcy was closed or the date the last property changes hand so that my name is no longer on the deed or mortgage? I keep getting conflicting information, even from FHA lenders. Best answer: Add your own answer in the...
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