Question by Boatalot: We have a FHA Mortgage with 0 down. We have paid on our mortgage for 2 years. Can we refinance the FHA to low?
We’d like to refinance the FHA mortgage to a lower interest rate. Can we do this since we don’t have 20% of the 30 year mortgage paid down yet? Any tips we should know about?
Best answer:
Answer by Vegas
Most banks now require 20% equity. Good luck finding one. It may be hard though.
Add your own answer in the comments!
Westpac ruined life in low- doc ‘fraud’
At the grand age of 101 years, medical Heather Simmers lives with the consequences of a scheme to take older people unconventional “low-doc” loans over Australia’s second largest bank and buy a property development company which is not supported …
If you would like more informaiton please visit here …
banks defrauded home loan , order said request
Ms Brailey said international credit rating agency Fitch Ratings had estimated that eight to 10 per cent comprised low-doc loans and RMBS receive some $ 2 billion in fraudulent loans. … 0% on balance transfers for 8 months + no annual …
For more informaiton please visit here …
Question by Marci S: How does an FHA home loan differ from other home loans?
I’m looking at houses online and some of them say FHA buyers welcome. Does this mean that some people don’t want to deal with someone who has an FHA loan? Please also tell me anything you know about FHA loans. Thanks.
Best answer:
Answer by Dan P
A Federal Housing Administration (FHA) loan is a popular way to buy homes now which involve only 3.5% down as opposed to the conventional loans that require 20%. This means more money in your pocket. The trade-off is that the payments are a bit higher (~100 dollars) for the first 5 years.
Not all lenders are FHA approved, and as the government has strict regulations over who can do them. This means that a realtor needs to know loan officers who are FHA approved to offer that loan program. FHA makes the programs, FHA-lenders carry them out.
For more information about FHA loans visit the HUD website. http://www.hud.gov/buying/loans.cfm
Edit:
ExpertRealtor, not to be nitpicky, but you did not say anything that was different from what I said… And actually, it is you that is mistaken, there ARE strict guidelines to be FHA approved… If you’ve been watching the news recently, earlier this May 2009, about 120+ lenders were dropped by HUD for writing loans “the easy way” as you so fondly put it… Please keep your community answers to relevant and updated information for August 2009… Thank you.
source:
http://www.hud.gov/news/release.cfm?content=pr09-070.cfm
What do you think? Answer below!
Examine out these mansion pictures:
Mansion Hotel
Image by feldpress
Mansion Hotel Grand Opening May possibly 12, pharmacy 2007
If you would like to see a lot more properties click right here…
Mansion Hotel
Image by feldpress
Mansion Hotel Grand Opening May possibly 12, web 2007
For far more properties click right here…
Mortgage rates up; HARP numbers way up
The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 3.69 percent, treat according to the Weekly Mortgage Rates Radar. Conforming 5/1 Hybrid … Tags: HARP, Mortgage Rates, Refinance · email · Print …
For more informaiton please visit here…
Mortgage Late-Pay Rate Down 9% This Year: TransUnion
“The pace of improvement should pick up when we review third quarter results, helped by a few months of relatively good news on home prices, this year's resurgence in refinance activity related to HARP 2.0 and record low mortgage interest rates,” said …
If you would like more informaiton please visit here…
