What home mortgage option would you recommend?
of The Holy Hand Grenade! Loan refinance mortgage register trade-Clear information about commercial loans Articles by Sudarsan Chhetri For more informaiton please visit here … More Stated Income Commercial loans articles Question by diamondcattoy: What is the best source for an FHA mortgage in California? A large bank or a finance company? I am interested in getting pre-approved for an FHA loan and have been talking to my bank and I want to know what my options are to keep my costs down and not get taken advantage of as a first-time home buyer. If you have resently had some experience with this in the Riverside County area any advise would be appreciated. Best answer: Answer by Big daddyit depends on a few things, cheap one timeframe. Almost everyone is going FHA now, so the big banks are pretty backed up in their FHA divisions. Generally a finance company can get a file completed much quicker. Next are your qualifications, meaning mostly your credit and income. The lower the credit and the tighter the income, your probably better off going to a finance company as they have fha lenders that specialize in that type of scenario, but going through a broker means paying certain items, such as origination and discount, but keep in mind that any FHA discount fee you pay should be tax deductible (see a tax professional) Bottom line is anyone can promise you the starts and the moon, work with who you trust the most, not who promises you something, if they promise or quote you something, demand it in writing, this should weed out the jokers, ask about time frames, when you can expect to close, how long does underwriting take, how long is my rate lock. Talk to a few people, but do not let them pull credit, that could drive down your score, see who you like and proceed from there, good luck What do you think? Answer below! Question by That’s what who said?: What home mortgage option would you recommend? I am buying a home. I will put down an offer for $ 65, medical 000. I make $ 30,000 a year and have $ 19,000 saved up towards the home. I have a credit score of 725. I was planning on getting a 15 yr mortgage, and putting 20% down, basically because I want as little debt as possible. Today, I was talking with someone who recommended putting down as little as possible (FHA 3% even) and taking out a 30 year mortgage. He said I could use the money I would have otherwise spent on the 15yr, 20% down mortgage to invest, thus making more money than i will pay extra in interest. While his thinking made sense, I just can’t be comfortable with that much debt. I am familiar with other forms of investing. He also reminded me most 30yr mortgages let you pay more than your principle, and I would have more “cushion” this way. It just seems like a better idea to get the best interest rate possible (about 4.7% for a 15yr, as opposed to 5.1% for a 30 yr). With the 20% down I would also avoid mortgage insurance. I know i CAN afford the 15yr, 20% down payment, but should I go this route? Thank you! Best answer: Answer by odzookersAsk for an amortization table for each of the types. You’ll be appalled to discover how much more you’ll pay in total interest with the 30-year option. It’ll be like buying the house and paying for it 3 or 4 times. Add your...
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Some cool condominium images: Terrace Row Condominiums Image by davereid2 Terrace Row Condominiums Construction Nears Completion For far more houses click right here… Question by Richard: What is the best way to invest 0k in real estate now? Do not like REITs and risky real estate investments. Looking for rental property and monthly income and the ability for the property to maintain and increase value over time. Best answer: Answer by Margaret WFirst, mind determine what your money can buy. Loans for non-owner occupied investment will typically be around 75% loan to value, viagra 100mg maybe 80%, viagra sale so you’re looking at an investment of around $ 600,000. (Probably less when you factor in closing costs and reserves). If $ 150K comprises all of your liquid assets, I wouldn’t sink it entirely into the property. You will need to prepare for unexpected expenses such as repairs, evictions and tenant turnovers. If you want your property to increase in value over time, be prepared to invest in it. Next, are you thinking residential or commercial? Residential is easier to get into capital-wise. I don’t know your area very well, but in my area, $ 600K will not buy much in the way of commercial property, but it would buy a decent multi-unit residential property. However, residential property can be difficult to maintain and manage. The renters may trash your property and there are residential landlord tenant laws that typically favor the tenants in most states. Commercial landlords tend to have more rights than residential landlords. (Check your state laws to verify this.) Also, commercial leases are often triple net (NNN), whereby the tenant(s) pay taxes, insurance and maintenance. But like I said, these properties will cost more. Whatever you do, I would research your market fully and make sure you have an excellent broker representing you. Understand trends in your area. I think these days people are migrating from the suburbs to urban centers and employment hubs. Many are returning to school and are choosing public transportation over driving. Are these trends happening in your area. If so, make sure your investment will benefit from them. I wrote some articles on the subject of investment property which I’ve linked below and hope to add more in a couple of weeks. Good luck. I think it’s exciting that you have such capital to invest in this market. http://hubpages.com/hub/InvestmentPropertyAnalysis http://hubpages.com/hub/Real_estate_Investment_mistakes Give your answer to this question below! Mortgage Rates: Existing Home Sales Hurt by Supply While Mortgage Rates … Current FHA 30 year fixed mortgage interest rates are as low as 3.250%, information pills FHA 15 year fixed mortgage rates are as low as 2.750% and FHA 5/1 ARM loan rates are as low as 2.250%. First time home buyers often use FHA loans due to the low down payment … If you would like more informaiton please visit...
Read MoreFHA loan insurance premium is tax deductable?
Question by shawnklee: FHA loan insurance premium is tax deductable? I live in california and my current income is over 120K per year. I’m planning to purchase a house using FHA loan and one downside of it seems to be the requirement for high insurance premium. Could it be tax deductable in California? Best answer: Answer by Because I Said Socheck irs.gov or ask your loan officer or realtor Give your answer to this question below!
Read MoreFHA offers first-time home buyers discounted loans for taking class
Question by DennisCOSMIC: Do you have to pay income tax on a loan in Canada? I have a loan coming from canada and I was wondering if I had to pay income tax on it? They are charging me taxes for some reason. I am not trying to pay taxes with a loan. I am being charged taxes for having a loan from Canada. I wanted to know if this is accurate. Best answer: Answer by ScottIncome is income. They don’t care where it comes from. Give your answer to this question below! Question by Heather: How can we refinance through harp program with pmi? No one will help us! Best answer: Answer by Go with the flowAll banks have to follow the same regulations Just build up the equity in your home. Work hard at this. You can’t be underwater. And for goodness sake, cost do not rack up debt. No debt is best. Add your own answer in the comments! Student Loan's Impact on Housing; FHA's Recent Numbers;… NMSI also has programs for self-employed borrowers: Jumbo stated income program, sick 12 month bank statement program, salve and a Financial Statement program. If you would like more information, contact your account executive. WesLend Financial Wholesale … For more informaiton please visit here… Why more mortgage originators venture into the non-qualified space Plus, we're seeing more of the traditional stated income type loan, which is suited for an independent contractor who can demonstrate cash flow via a bank statement but doesn't necessarily have W-2 income because they don't have an employer … More informaiton please visit here… Sen. Elizabeth Warren wants you to be able to refinance your student loans The bill does require the Department of Education to set limits on who is eligible to refinance based on borrowers' levels of debt and income, approved Chingos noted, treatment but he argued that the wording of that provision is too vague to effectively focus the program … If you would like more informaiton please visit here… VA Home Loan – Mortgage & Refinance Programs For members of the U.S. military, veterans, and their spouses, the Department of Veterans Affairs makes available a special mortgage program called the VA Loan Guaranty Program. Part of your VA benefits, the VA loan program is a no-downpayment, 100% … More informaiton please visit here… FHA offers first-time home buyers discounted loans for taking class "It may not seem like it, see but $ 10, buy more about 000 is a lot of savings for a $ 30, try 000 -a-year household," said Kimber White , state government affairs chairman for the Florida Association of Mortgage Professionals . "It can make the difference between qualifying or … If you would like more informaiton please visit...
Read Mores there a difference between Conventional 30year fixed and FHA 30year fixed loans?
Verify out these mansion pictures: Mansion Perrier Dita Von Teese Image by cattias.photographs Mansion Perrier Dita Von Teese A lot more great houses click here… 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 linkus86I 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. Know better? Leave your own answer in the comments! by eyewashdesign: A. Golden 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 AnjellWho said they reduced it? If anything they’ve increased the requirement, price in particular credit and income requirements. What do you think? Answer below! 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 … If you would like more informaiton please visit here… 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 proactiveindyFHA offers a nice loan for people with little downpayment. The qualifying is usually easier, salve but...
Read MoreI’m looking to become a first time homeowner. What do I need to know more than anything?
Question by J Len: I’m looking to become a first time homeowner. What do I need to know more than anything? Any info on programs out there would help too. I’m a teacher and a single dad in Florida. Best answer: Answer by djriderI would say the biggest advice to any first time homeowner is patience. It can be a long emotional rollercoaster buying a house. Another tip is to find a good company that does home inspections. I’ve heard horror stories of people getting a good deal on an inspection only to find out that they cut corners and their house is falling apart. What do you think? Answer...
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