Question by nathan.pitchford: Do ALL FHA loans require mortgage insurance?
I’m looking into refinancing my home to get out of an adjustable rate and I’ve received two good faith estimates. Both for FHA loans. It’s a 95% loan and one company says they can get me the loan without mortgage insurance and the other says it’s a requirement.
Well I’m being assured that this FHA loan doesn’t have any PMI on it and it’s 95%. I even referenced the fhaloan.com site and he said he is 100% sure no MI. Any ideas?
Best answer:
Answer by Mortgageman
The loan will have mortgage insurance. You can take a higher interest rate and have the lender pay it up front. Or you can add it to your loan amount and finance it over the life of the loan. Or you can pay it monthly with your mortgage payment and petition to have it removed once you think you have 20% equity.
Know better? Leave your own answer in the comments!
Verify out these condominium pictures:
Alam Damai Condominium @ Kota Kinabalu, tadalafil Malaysia
Image by thienzieyung
Headed to Maktab Gaya Road in Luyang this morning to photograph a bird’s eye view of Luyang location. Alam Damai Condominium, medicine developed by the Wah Mie Group is about ready to be occupied and is a wonderful addition to the Luyang area. Towers A & B is on the proper whilst the lone Tower C is on the left. Also noticed is Harrington Court.
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Alam Damai Condominium From Karamunsing
Image by thienzieyung
This is indeed 1 angle of Alam Damai individuals don’t see everyday. Generally, physician they are seen from bearings 90° to 180°. Now they are viewed from the side facing west, around 250° to 270°. And it looks like the developers wants these condominiums to face the sea. Behind , a bit of Jesselton Condominium is observed and Kokol Hill towers above. The Nenas Hill Flyover is observed also with Tuaran Road clearly visible at bottom proper.
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Mystic Cove, The Victorian Condominiums
Image by Galveston.com
Scenes from the Mystic Cove at the Victorian Condominiums in Galveston Island. Brought to you by the official internet site of Galveston Island tourism, www.galveston.com. For lodging, check out our internet site or contact toll-free of charge (888)939-8680
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Question by jjohnson5677: Will the new rules by the FED mean no more stated income loans?
I just read a report about the FED making new guidelines for mortgage lenders. One of the details was that buyers would have to show proof of income. Does this mean no more stated income loans? IF so, no rx how long before this becomes law?
Best answer:
Answer by golferwhoworks
it will happen when lenders adopt it. Best answer I can give you. So self employed are going to be hurting one way or another
Add your own answer in the comments!
SBA's 504 mortgage refinancing program to end Sept. 27
U.S. Small Business Administration. An opportunity for small businesses to refinance their commercial real estate mortgages under a government program will soon end, try according to a report from The Business Journals' Washington Bureau. Hunter Riley …
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Should You Raid IRAs to Lose 2nd Mortgage?
An alternative would be to cash out enough money from the IRA to get to an 80% loan-to-value, prescription or LTV, doctor ratio, the point where a conventional lender won't require private mortgage insurance, or PMI. I don't recommend this option. Eighty percent LTV on a …
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Question by jmpoct03: i am trying to take out a home equity loan, pilule is there anywhere i can go that i can get one.?
i trying to get a home equity home loan. i have no mortgage and my house is paid off. the problem im having is that my boyfriend just put me on the deed and they said i have to wait six months. my credit score is 596 and my boyfriends credit score is 459.is there anywhere i can go to get a home equity loan with my situation.
Best answer:
Answer by bud68
Your credit scores are also a problem.
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Question by : Would I qualify for an FHA mortgage?
I live in a state that offers a first-time buyer’s assistance program, decease for which an FHA loan is preferred. Here are the stats:
Monthy gross income: $ 4320
Monthly debt pymts: $ 130 (school loan, viagra less than $ 5k remaining total)
Monthly credit card pymt: $ 200 (Sam’s Club credit card, this is paid off in full every month)
Credit: Good (not sure of exact number, no bankruptcy, late payments, etc.)
Employment history: Moved to area to be tech in Dec 2009, changed to another tech position in Feb 2011 when last place of employment went under and everyone was laid off. I know this is slightly less than two years of steady employment in same field, but I’m hoping other factors can outweigh this.
Age: 23
Total in savings at this moment: $ 5k
Approximate cost of house: $ 75k (not any in particular, but looking around, this is what I’m interested in)
The first time buyer’s program for my state offers up to $ 4500 in assistance for downpayment (3% on FHA loan) and closing costs, which apparently can mostly be included in the loan amount. I read that mortgage insurance is also required, which was estimated to be about $ 300/month for a $ 75k loan.
What do you think? Any other relevant info needed? I read on the FHA website that two lines of credit are needed, and I only have the Sam’s Club credit card, but it did mention that things like rental history, utility bills, etc. can be included as alternate lines of credit, all of which I have in good standing.
Thank you so much for your help. This is so daunting, and I want to make sure I have all my ducks in a row.
Best answer:
Answer by SSSoft care
if you If you think that you fulfill the criteria of their requirements then you will, 100 % sure can get.
What do you think? Answer below!
Some cool castle images:
castle
Image by olaerik
The Castle in Edinburgh, adiposity from Princes Street.
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Castle Wickrath
Image by Frank Kehren
Castle Wickrath, ed Wickrath, cialis 40mg Germany
de.wikipedia.org/wiki/Schloss_Wickrath
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Question by Al: Is it true that VA loans does not qualify for the Home Affordable Program Modification?
After 5 months of waiting Bank of America denied my modification because it is a VA loan. Is this true that VA loans do not qualify for a loan modification?
Best answer:
Answer by the tax lady
VA loans qualify.
http://www.freddiemac.com/singlefamily/service/hmp_eligibility.html
“FHA, website VA, information pills and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines. “
Give your answer to this question below!
Citywide Mug
Image by Editor B
This is my favorite coffee cup. I like the neoclassical architectural detail, about it which of course can still be seen at 3625 Canal Street. I believe Citywide Mortgage is defunct. A quick net search turns up the following…
For Immediate Release
April 20, page 2009
United States Attorney’s Office
Eastern District of Louisiana
Contact: (504) 680-3000
President of Citywide Mortgage Michael O’Keefe, find Jr. Pleads Guilty to Making False Statements During a HUD Transaction
NEW ORLEANS, LA—MICHAEL O’KEEFE, JR. age 49, a resident of New Orleans, Louisiana and President of Citywide Mortgage Company, pled guilty in federal court this morning before U.S. District Judge Ivan L.R. Lemelle to making false statements during a transaction with the U.S. Department of Housing and Urban Development (HUD), announced U. S. Attorney Jim Letten.
The charge to which O’KEEFE pled was contained in a superseding information that was filed this morning. According to the factual basis as well those filed in the prosecutions of CALVIN DAVIS and MICHELLE COCHRANE describes a “housing flipping” scheme at Citywide Mortgage Company. DAVIS purchased properties in the 9th Ward and Lower 9th Ward, obtained fraudulent appraisals and arranged for straw buyers to purchase them. DAVIS then sent the strawbuyers to Citywide Mortgage to obtain loans by using fraudulent employment and credit documents as well as false tax returns. These loans were approved by MICHELLE COCHRANE, a former underwriter at Citywide Mortgage knowing that the loans were fraudulent. After she approved the fraudulent loan applications, the loans were forwarded to the HUD offices in Denver, Colorado. Based on the fraudulent applications, HUD insured the loans, which were then sold to investors on the secondary market. Various properties eventually went into default and HUD became responsible for paying off those loans.
O’KEEFE was the president of Citywide Mortgage Company during the pendency of the scheme. O’KEEFE admitted today that he assisted the scheme by paying commissions to COCHRANE at CWM and hiding that fact from HUD during the insurance application process. Specifically, the defendant agreed to pay COCHRANE commissions for originating HUD/FHA loans. This was a violation of HUD regulations which prohibited an underwriter from receiving a commission for originating HUD loans. COCHRANE received these commission payments through at least August, 2002. This was accomplished by either listing the defendant as the loan originator or listing a ghost employee “B.C.,” as the loan originator. A check was issued to “B.C.”, endorsed by COCHRANE and deposited in her bank account. The checks were issued by Citywide Mortgage and signed by O’KEEFE. These false statements, that is, the false identity of the loan originator were included in the file submission to HUD.
The plea agreement requires O’KEEFE to pay 6,565.55 in restitution to HUD. He is required to pay 0,000.00 of that amount within 30 days of his plea of guilty. The remaining restitution is due prior to sentencing. The plea agreement also stipulates that the original indictment will be dismissed after sentencing. Sentencing is set for July 22, 2009 at 2:00 P.M. before Judge Lemelle.
O’KEEFE faces a maximum term of imprisonment of two (2) years imprisonment a fine of 0,000.00 and up to one (1) year of supervised release following any term of imprisonment.
O’KEEFE, JR. is the seventh person to plead guilty to charges stemming from this investigation. CALVIN DAVIS pled guilty to Conspiracy to Commit Mail Fraud, Income Tax Evasion and Making a False Statement in a HUD transaction and is awaiting sentencing. MICHELLE COCHRANE pled guilty to Conspiracy to Make False Statements in a HUD transaction and is awaiting sentencing. ROBERT GREEN pled guilty to an identical charge and admitted that he prepared the fraudulent tax returns. Three “straw buyers” TIMOTHY FALLS, DENNIS ADDISON and DENNIS LEBLANC have pled guilty to Making False Statements in HUD Transaction. GREEN, FALLS, ADDISON and LEBLANC have all been sentenced to probationary terms.
This case was investigated jointly by Special Agents of the Federal Bureau of Investigation, the Department of Housing and Urban Development, Office of Inspector General, the Internal Revenue Service, Criminal Investigation Division and the United States Postal Inspection Service.
This case is being prosecuted by the Chief of the Organized Crime Strike Force Unit, Mark A. Miller and Assistant United States Attorneys Michael M. Simpson and Kevin G. Boitmann.
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