Q&A: Mortgage approval questions! – FHA loan?

Posted on Oct 31, 2012 in FHA Information

mortgage rates trend
by SS&SS

Question by amy: what is the trend for mortgage rates in the next 5 yrs?
i’m doing a project on real estates and really need the projected discount rates to make the assumption. anyone knows where can i find it??
thanks in advance =)

Best answer:

Answer by 60187guy
1) Steady.
2) Rates could go up if there is a recovery in the market.
3) Rates could go lower if property demand dries up and practically nobody borrows.

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Question by John 927: Freddy Mac or Fannie Mae for HARP 125% refinance?
I am trying to refinance and I’m asking mortgage brokers/lenders the following question:

“What will happen if my home appraisal comes in ‘underwater, seek ‘ as in below the amount of my loan?”

Some tell me no problem, sickness my FREDDY MAC loan is eligible for HARP refinance program. Others tell me that they wouldn’t be able to help because I’m not a Fannie Mae loan. Is this a broker/lender decision or does HARP really exclude Freddy Mac loans?

In other words, information pills is HARP only applicable to Fannie Mae loans in terms of the 125% loan to value rules?

So confused.

Best answer:

Answer by Bob
The HARP program is available for both FHLMC and FNMA loans, but not every lender can do both. If your appraisal determines you require a HARP loan, since your current loan is owned by Freddy it can only be done by a lender that can do Freddy loans. It should not be hard to find one. Your current lender is probably one of them.
I closed a HARP refinance loan for a friend a few months ago after his current lender had denied him based on a 90% LTV appraisal, even though that lender’s website advertises HARP loans. I was happy for the business but it never should have come that far. Apparently his loan officer was not familiar with the program. Any time human beings are involved you can’t always trust the first answer you get.

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Question by jamaicabound123123: Are there any loans that are alternatives to FHA but have similar downpayments and terms?
Some places I have found that I like say no FHA loans in the listings.

Also, rx I wouldn’t mind a house that needs a little minor work but I have heard FHA loans are very strict about the inspections.

Best answer:

Answer by Landlord
No, they are their own ball game.

VA is pretty good, but requires the seller to pay money, so not all go for that.

Either go conventional, or avoid foreclosures and bank owned if you want to go FHA.

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Question by stacey: Mortgage approval questions! – FHA loan?
We are in the underwriting process for our home mortgage. We can get info at mortgage loan status and they have a check list for our individual things we have to satisfy. All are personal info is satisfied, tadalafil income, cure bank statements, w-2’s, etc. and they all have check marks by them. I have a question on one of the conditions that is not marked as satisfied. It says –

Subject to re-qualification, rate or points change from 6.4%, with 0% origination fee and 0% discount fee.

Any help would be appreciated – this is stressing me out and I can’t get my loan processor on the phone!! Thank You!!

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