Do you have to pay an ufmip on a FHA loan for a condo?

Posted on Oct 17, 2012 in FHA Information

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Question by Smartstuff: How am I supposed to take advantage of the Making Home Affordable or HUD Under Water Refinance program?
If my lender has opted “not to participate”… it doesn’t make sense! No wonder why no one has taken advantage of these programs… they clearly state that the 1st lien holder must be in agreement to reduce the principal or lower the interest rate. Requirements to qualify, thumb you can’t be behind on any payments, page your credit has to be good, and you have to be able to “afford” the new payments. All which apply to my situation… I just can’t get a refinance because of the economy and housing decline.

So yeaha right… like my credit union is going to take the hit just because I want to pay less??? Someone please tell me there’s a way to do this… or the system is more f-ed up than I thought….

Best answer:

Answer by Jennifer
For the Making home afordable program You may be eligible to apply if you meet all of the following:

You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
You do not have an FHA, VA or USDA loan.
You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
Have a first mortgage not exceeding 125 percent of the current market value of your home.
The refinance will improve the long-term affordability or stability of your mortgage.
You have the ability to make the new payments.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.
The HARP program is offered by many servicers. Homeowners should check with their mortgage servicer (the company to which homeowners make their mortgage payments) to determine if they are participating in HARP. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP to determine if they are eligible for a refinance.

Other company can help just call aroung if you meet the requirements.

What do you think? Answer below!

government programs for refinancing homes
by marsmet526

Question by brandi K: refinancing what the bank calls a second home, case is it possible to get 100% financing? ?
I bought a house in Georgia on what I thought was a fixed rate loan. It was 2 years in october that i’ve owned the home. It goes adjustable on the december payment. My husband and I moved back to oregon for his business and have some friends staying in our house in georgia paying a little bit of rent. I tried refinancing with a few companies but when we told them we live in oregon now (but rent here, not own) they still said that the house in Georgia was a secondary residence and could only refinance for 80% of the loan. The house doesn’t value high enough to make an 80% loan work as we have not even touched principle on the loan yet. I’m stressing because we can’t afford this for much longer. and we can’t sell it right now, we already tried. Does anybody know if it is possible to get 100% refinancing on a second home or any of the government programs that are helping homeowners out that would work in this scenario? thank you so much for any advice you might have.

Best answer:

Answer by golferwhoworks
not on a second home or even investment property in this market not a chance

Give your answer to this question below!
Question by kam: Do you have to pay an ufmip on a FHA loan for a condo?
I’m buying a condo in florida with a fha loan and read somewhere that you don’t have to pay the up front mortgage insurance premium (going uup to 2.25% as of 4/5/2010) – just the monthly mortgage insurance if it’s for a condo. Is this true? Thanks

Best answer:

Answer by loanmasterone
Yes you must pay this up front fee. You might also consult with your tax consultant, try as on your 1098 from your lender a certain portion of this might be tax deductible on your future taxes. There is a formula for the taxes that might be charged.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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