Is it a good idea to go from a big name lender home loan to a FHA loan?

Posted on Sep 19, 2012 in FHA Information

Question by : Can mortgage insurance come off of an FHA loan?
If you pay down 20% of the principal balance on an FHA loan, what is ed can the mortgage insurance come off?

Best answer:

Answer by Common Sense
No, page unless you’ve had the loan at least 5 years. But remember it’s 20% of the value of the house, not the balance. Many values have dropped the last few years.

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Question by Alegria: What are the guidelines for a FHA loan? Income requirements? Be a first time buyer? Loan amount Limit?
I have been approved for a home mortgage but we need to have 10% down due to the declining market area. What are the guidelines for a FHA loan? Do I need to meet income requirements? Is there a amount limit to what the FHA loan can be made? I want a fixed-30-year loan.

Best answer:

Answer by Lucille
Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing officemortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.

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Question by Sweet!: Is it a good idea to go from a big name lender home loan to a FHA loan?
We bough a house a year ago and we have a 30 year fixed rate $ 185, sildenafil 000.00 loan at 6.5% and a payment of $ 1, viagra dosage 475 with a big name lender. Our loan officer called and said we should refinance now for a better rate. She says we should go from our current loan to a FHA loan for a lower rate. I don’t know what the new rate is yet but I need any kind of advice about refinancing and if its a good idea in the first place. If we refinance do we get cash in hand or just a lower rate and hopefully lower payment?

On a side question: I also remember reading a while ago that if you refinance or take a second mortgage against your house the homestead act/law doesn’t apply to you anymore. Making its easier to loose your home to creditors etc than if you only have the original loan. Is this true or did I miss-interpret what I read?

Best answer:

Answer by golferwhoworks
it all depends on how much your home is worth. If you just put down 5% don’t do this as it will cost more than you can gain in the long run as you will need about 5 years to recover from the cost if financed into this note and with the MIP fees monthly you may not save that much,. Compare apples to apples

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One Comment

  1. The homestead act does not change regardless of whether you refinance- I work in the mortgage business & just refinanced my home in Sept. to a lower rate. I didn’t want cash out- I just wanted a lower payment which I got- rates are in the 5’s now for FHA- probably worth you doing. Just get the #s & make the decision then- usually if you can save 1% it’s worth doing.