s there a difference between Conventional 30year fixed and FHA 30year fixed loans?

Posted on Mar 5, 2013 in FHA Information

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Question by irobot: Refinancing under water mortgage?
I am like millions of homeowners who are under water on their mortgage. I have been trying to get refinanced to take advantage of the lower rates. My current Loan/Value ratio is 107%, site which I am willing to pay down to 105%. I have been current on all my mortgage payments & have excellent credit history/scores. Based on this, see I was confident to get refinancing. But I got rejected because my original loan had mortgage insurance.

A friend told me about this program called HARP (makinghomeaffordable.gov). I checked the eligibility criteria and it tells me that I do qualify to get refinancing – 1) My loan is owned by Freddie; 2) My house is our primary residence; 3) I am current on the payments; 4) 1st mortgage is below 125% of home value; 5) I have sufficient income & excellent credit.

I would be grateful if you could share your experiences / advice please. Is there a real clause in the rules regarding mortgage insurance on 1st mortgage?

Best answer:

Answer by linkus86
I can’t share an experience but you may want to hold off on the plan as Obama is actively trying to allow underwater borrowers like yourself to refinance with a government insured loan and being able to forgive 10% of the loan.

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Question by chck: When did congress reduce the criteria to obtain a federally guaranteed mortgage?
For example: Home loan borrowers may not be required to show their ability to repay the loan, cost their credit history may be poor and they may not have to prove they have sufficient income to repay the mortgage loan.

Best answer:

Answer by Anjell
Who said they reduced it? If anything they’ve increased the requirement, price in particular credit and income requirements.

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FHA Plays Vital Role for American Homeowners, stuff REALTORS Testify
“FHA helped fill the void over the past five years after private lending fled the market by providing safe, affordable access to mortgage credit to millions of Americans who wanted to purchase a home,” says Thomas. “Had FHA not stepped in to fill the …
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Help for homeowners slow to reach masses in Nevada
In 2011, approved the revision of the government-sponsored Home Affordable Refinance Program known as HARP 2.0 made banks and loan serviciers more willing to refinance underwater home owners who are current on their payments. “We have a homeowner that …
If you would like more informaiton please visit here…

Housing initiatives and changing options for homeowners
To find out if a specific loan qualifies, contact your servicer and submit a package for review. Home Affordable Refinance Program (HARP 2.0) – This is a program that “rewards” underwater borrowers who have continually paid their mortgage for a …
For more informaiton please visit here…

Question by Annie: s there a difference between Conventional 30year fixed and FHA 30year fixed loans?
First time homebuyer here and I’m not sure what the difference is. We were thinking of an FHA loan but the mortgage company asked us to think about a conventional 30 year fixed too. What’s the difference? Sounds the same to me.

Best answer:

Answer by proactiveindy
FHA offers a nice loan for people with little downpayment. The qualifying is usually easier, salve but if the mortgage is asking you to chose, more about I assume you qualify for a straight conventional. If you have no down payment, look then you will have mortgage insurance, called “pmi”. FHA takes a lump sum up front, conventional does not. FHA is calculated monthly, while conventional is calculated daily. When refinancing or selling, conventional will save you money. If the interest rate and APR are pretty close, I would opt for the conventional.

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