GAO Expresses Concern On FHA Risks

Posted on Feb 19, 2013 in FHA Information

Question by midnightrose: I have all the info I need, about it side effects but I need someone to help me calculate my payments before I sign my offer…?
My mortgage guy is out of town for Easter and I need to check what the payments would be for the counteroffer ….
We are doing an FHA (b/c of our scores, diagnosis it is the only option) taxes in our county are .4% Whatever the market FHA is, the offer is 170K with 3% downpayment assistance, and a 6% concession to be used for buying down the rate 4 points (or 1%) and then what’s left is for closing. I am curious what our payment will be approx, including PMI, P&I, and H/O ins. & taxes escrowed… I live in Fort Mill, SC. Would like to know payment and possibly what our leftover closing cost “might” be…..

Best answer:

Answer by Shana B
Try this mortgage calculator…
http://www.mortgage-calc.com/mortgage/simple.php

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Question by kateward23: I have an ARM with a penalty phase getting ready to end. Where do I start to refinance?
I know that everytime my credit is checked, link it is a hard hit on my credit. I want to shop around for the best rate, information pills but want to do so in a way that will not be detrimental to me.

Best answer:

Answer by Searchlight Crusade
Actually, if you limit it to mortgage inquiries, all inquiries within 14 days count as one. Act of Congress several years ago, put through by National Association of Mortgage Brokers. Yes, it helps them, but it *really* helps you by enabling you to shop for a loan as much as you might shop for a toaster oven.

Have good long conversations with at least half a dozen prospective loan providers. If you get a good one, brokers will beat direct lenders every time, because when you talk to a broker, you’re automatically shopping a lot of lenders. Brokers get better prices than a lender’s own loan officers in most cases, because 1) the lender isn’t paying their overhead, and 2) from the moment you walk in the door, most direct lenders consider you their captive. Broker clients are *never* captives.

Give your answer to this question below!
Question by d0nkeypunch4u: Which is better? Conventional Mortgage, click FHA Loan Or a VA Home Loan?
Not sure which is better. I have close to a 700 credit score, buy information pills about 25k for a down payment. Looking for a condo in NY. Any suggestions?

Best answer:

Answer by Searchlight Crusade
What price condo in New York?

If you qualify for an A paper conventional loan, viagra 100mg especially conforming, those are the very best rate/cost tradeoffs. Always.

VA and FHA are good for low to zero down payments, or marginal to poor credit, but have an absolute limit of $ 417,000 (conforming loan limit). If you’ve got a $ 25k down payment on a $ 600k condo right now, you’re SOL as far as VA and FHA go.

I can’t think of a situation where FHA beats VA. VA has no financing insurance requirement, and can even roll up to 3% closing costs in, if you need to.

If that condo is anything up to $ 250k (10% down), you’re likely to get a better loan conventional. If it’s over (but you can still afford the loan), A VA is likely to prove the best alternative.

And bless you for serving!

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Question by Nicole: Is it possible to get a mortgage with a high debt to income ratio?
I am a first time buyer and my loan officer is having a hard time finding a lender that will accept my DTI. I have a $ 330 car payment and like $ 6k in student loans. If i did the calculations right, rx then my DTI is 48%. With a DTI at 48%, is there even a chance that I can be approved?? I am getting a 203k FHA loan for the house that is $ 100k.

Best answer:

Answer by Trevor M
I don’t think so, but why don’t you go talk to some lenders, find a mortgage agent you like and talk about a plan to get you on track. Then when you are in a better position you’ll have a person who knows you ready to go.

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GAO Expresses Concern On FHA Risks
Citing the FHA as a “modified high risk, viagra order ” Dodaro cited the depletion of the FHA's Mutual Mortgage Insurance Fund as being significantly problematic. "A new challenge for the markets has also evolved as the decline in private sector participation in …
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HARP 2.0 Program Allows Many Florida Homeowners to Take Advantage of Low
In October 2011, site Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to refinance mortgages in Florida. With the changes …
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Mortgage Foreclosure “Dual-Tracking” Abuses To End
As an example, more about a family with an FHA loan, VA mortgage or conventional loan seeks a loan modification under the government's Making Home Affordable program. New loan terms are created but during the three-month trial period to see if the borrower can …
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