what is the difference between an fha and a conventional home loan?

Question by S S: Is there a program that allows a homeowner to refinance their house for what it is currently worth?
Someone told me there was a program similar to this that Obama created. Has anyone heard of this?

Best answer:

Answer by Judy
Mortgage forbearance
Go to hopenow.com – a governement website set up by HUD
Call the 800 number and ask them.
This site was set up to help homeowners from losing their homes.
The government is there to help – take advantage.
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Question by HappyThoughts: Intrest rate for buying a house?
We have pretty poor credit. I know we can’t buy right now, try but I was wondering what the interest rate might be for a low credit score applicant.

Thanks!

Best answer:

Answer by bull_rooster_aardvark
Depends on how low and what your down payment and income are like. Best way to find out is go to a mortgage broker and ask. You could also fill in an application online (Eloan, illness or somewhere – do the rate search in eLoan if you go there) and see what they say.

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Question by micky: Can you refinance if you only have Social Security Income?
I only receive Social Security income plus about $ 400, price 00 a month from a person I rent a room to. Will a lender count this as income for refinancing purposes? I have excellent credit – no late mortgages and good cash reserves. I need to get rid of an adjustable mortgage.

Best answer:

Answer by Not I
Your Social Security is income but is it enough. Call the current lender and ask. Also check with your bank

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Question by hammer: what is the difference between an fha and a conventional home loan?
as far as limits of what i can and can’t buy.

Best answer:

Answer by ALEGNA
FHA loans are government insured loans and the largest insurer in the world. Fha doesnt lend money they guarantee the loan….much like private mortgage insurance. The loan limits on FHA loans vary from county to county, medical unlike conventional loan. Conventional loan limit is the same for all states.

FHA loan has a minimum down payment requirement of 3 percent but permits 100 percent of the money needed at closing to be a gift, sales either from relative, or down payment assistance organization. FHA allows up to 6% contribution from the seller, as opposed to conventional loan of 3%. On FHA’s seller MUST pay for closing cost while the buyers costs is incorporated into the loan.

The biggest disavantage of an FHA loan is the upfront mortgage insurance premium of 1.5%, plus a .50% annual renewal premium paid over the life of the loan.

Needless to say, you’re not limited to either!

What do you think? Answer below!