Question by : I heard Obama is going to help pay for your housing if your broke?
I am broke and cannot pay my rent coming up in Nov. I also gots no credit so no loan from me. My friend Deion said that Obama has this program call Making Homes Affordable where he pays for your rent or mortgage for a year?
Anyone know how a man can get this?
Best answer:
Answer by Wayne Z
There is no such program.
Most times “My friend….says….” is followed by complete BS.
There are programs for homeowners to help negotiate with banks to get their mortgages reduced but they are tough to qualify for. There is nothing for renters.
What do you think? Answer below!
Question by quake1920: How do you calculate private mortgage insurance for a home loan?
I am looking to buy a home and because I am putting less than 20% down I was told I have to pay private mortgage insurance, adiposity I am wondering what is the calculation in order to determine what my monthly payment of pmi will be for a loan of $ 115, pharmacy 000.
Best answer:
Answer by DeeDee
In australia, viagra you can borrow up to 80% of the amount without Mortgage insurance, and 90% if you can easily make the payments
the remaining amount is what you would use to calculate (in aust)
may be a few thousand dollars on top of your loan
you can actually go onto the bank’s website and they should have the loan calculators which you can use and see repayments, interest etc
goodluck 🙂
Know better? Leave your own answer in the comments!
The PMI premium is set by the company that is guaranteeing the mortgage. Your lender can give you the numbers. If varies based on the down payment, the size of the loan, and your credit history. Unlike P&I payments, there’s no set formula.
Private Mortgage Insurance rates are usually set by the insurance company insuring the loan which is calculated with consideration to how much of the loan needs to be insured. In the case of an FHA loan (government insured), you pay part of your PMI upfront (1.5% of the loan amount) and the rest (.5%/12) in your monthly payment. On an FHA loan of $ 115,000 you would $ 1725 at closing plus a monthly PMI of $ 47.92. Plan on $ 67.03-$ 86.25 extra per month if not an FHA loan (.7%-.9% divided by 12 months).
PMI just became tax deductible the other day so that is a benefit. Some loans have it built into rate and sometimes they split up your loan as an 80/20 so you avoid PMI. Check out this site for PMI rates or speak with a mortgage broker. http://www.pmi-us.com/index.html
Or you can view my site and learn some more info at http://www.ScottLushing.com
Good luck!