New Home Sales Up; Busy Season Ahead for Housing
Data released on Friday, about it information pills May 23rd from the U.S. Census Bureau and the Department of Housing and Urban Development revealed that new residential home sales in April were up 6.4 percent from the revised March estimate of 407, page 000. Sales reached a total of …
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Notice of Regulatory Waiver Requests Granted for the First Quarter of Calendar …
SUMMARY: Section 106 of the Department of Housing and Urban Development Reform Act of 1989 requires HUD to publish quarterly Federal Register notices of all regulatory waivers that HUD has approved. Each notice covers … For ease of reference, the …
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Question by madss: ARM mortgages often have a lower rate of interest the first year…?
ARM mortgages often have a lower rate of interest the first year why is it less chancy to stick with a fixed rate mortgage just the same?
Best answer:
Answer by Duck
Because if (and when) the low rate on your ARM goes up, stomach the fixed rate mortgage will stay the same. So, let’s say that you get a fixed rate of 4.25%. That 4.25% will stay 4.25% until you pay off the mortgage. If you have an ARM at 2.25% and it stays 2.25% you’re doing well, but if the rate goes up to, say 6%, 7%, or even higher, you’re left holding the bag, so to speak. Your payments will increase, and you’ll be out money.
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Question by Go with the flow: Does an FHA mortgage really make things more complicated vs conventional?
We did conventional not knowing we could do FHA (at least I didn’t know)
Guess we had the min 10% down and didn’t have to worry.
But would an FHA loan be any different than a conventional?
Aside from the small down payment?
I know a little bit about how everything in the home must work to get the FHA- but that’s the only difference I know. Does it take longer to do FHA?
Just as fast to pre-qualify for a conventioanl
And same interest rates as a conventional
Best answer:
Answer by threeplusonedollarbills
As far as I know-fha is the fastest-prequalified on a loan of this sort has good interest rates, this web low down payments and workable monthly payments.
Know better? Leave your own answer in the comments!
Do you still have to pay PMI with your conventional loan? PMI is when you have a low down payment and you are charged insurance against default.
No an FHA loan entails making a monthly PMI payment that does not reduce your principle at all.
FHA will not approve a mortgage for homes in need of repair and something as minor as windows needing a coat of paint. There are sellers who will NOT accept an offer where the mortgage will be an FHA
True conventional is 20% down and no pmi payment. Less restrictions of home’s appearance
With 10% down your conventional loan will most likely be better than FHA unless you have a very low credit score. FHA does not take any longer to process than conventional, it just depends on the person’s situation as to which is better. In almost all cases with 10% down and good credit a conventional loan is better. The person stating that “true conventional” is 20% hasn’t a clue what they are talking about. The definition of a conventional loan is any loan that is not government backed, such as USDA, FHA or VA.