fha loans
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Home Loans
Asked by S.S. from Lawrence
on July 27, 2010
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We were thinking about refinancing our home to take advantage of the low interest rates. However after speaking with a few lenders came to the realization that our ho...
Answers
- You did not say how long ago you purchased your house. A lot would depend on this. I don't have any experience with FHA loans but we have refinanced twice. If FHA l...
- Not sure why this is so complicated to understand. I think a lot of the responses are accurate those are closing costs. You can either pay them up front or not. If ...
- One thing to ask the loan officer in advance, because they may not disclose this until you are signing off on it all, is about all the bureaucracy that goes along with...
Fha-frustrated!
Asked by T.K. from Chicago
on March 26, 2009
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My husband and I have been trying to get approved for an FHA loan for 2 years now, we have done everything that our mortgage broker told us to do to fix our scores, we...
Answers
- I thought that was effective April 1? Just what I heard...a friend of mine is doing a refi and that's what she was told.
- Hi T., I'm also a loan officer, and I'd have to say your broker is about 95% correct. Most brokers, as well as some banks, want to see your score at a minimum of 620...
- I'm no expert but as you know, banks aren't practically giving out money anymore and are requiring stricter standards when it comes to lending. I would not be surpris...
FHA Loan, the Good the Bad. Experiences Please
Asked by L.R. from Wausau
on November 10, 2010
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If you are willing to share. So we are trying to get our first loan, and I am noticing that FHA loan might be the best option for our family and I am looking to see wh...
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- On my first home I had an FHA mortgage because I had so little money to put down as a deposit. For the home I currently own I have an conventional mortgage. One or the...
- FHA can be a little more restrictive about the property condition (you will need to have an inspection) and in a hot sellers' market this can be a negative, since the ...
- You have to carry some extra insurance, which you can opt out of after 80% of the loan is paid. Other than that, there is very little difference. Your home insurance...
Student Loans - What Would You Do
Asked by T.K. from Dallas
on January 26, 2011
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I had a rough exit to college and it has spawned 2 problems. Yes, I'm an idiot. Don't judge! You don't know what I was going through. I just need a logical person w...
Answers
- Did you look into a Hardship Deferment? I am not sure if you are eligible since you are already in default, but when I first graduated college (back in 2000), I was e...
- I highly advise that you DO NOT REHAB. Here's why... 1 - I'm 99% sure that it will not be deleted from your credit. 2 - You do not have a plan or the ability to m...
- First off, you are not an idiot. We all make money mistakes. I'm not really sure what to tell you about the rehab vs consolidation (although I think consolidation - ...
Advise on Mortgages and Buying a Home
Asked by A.K. from Portland
on March 30, 2009
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Hey Mamas!
My husband and I are looking at purchasing our first home. We have excellent credit (over 770) and are interested in one of the FHA loans. Does anyone have...
Answers
- We used Wells Fargo for our first home a year and a half ago. They seem to be fine and are, apparently, pretty stable. We bank with Bank of America, though. Wells F...
- A., If you are in the market and willing to wait a little...contact a Primerica. They are not currently working the new home loans but expect to resume this summer....
- We are closing next week on our first house and we have a really good mortgage broker named Carol Flanagan at Northwest Mortgage Group. We also have a great realtor if...
Mortgage
Asked by K.B. from Fresno
on April 22, 2009
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I was hoping someone could help me. My husband and I are in the process of buying our first house. I am just getting confused with the loan process. We got prequalifie...
Answers
- Hi K., AR below is right; it's because it's an FHA. There are a couple differences when dealing an FHA loan. If you don't have a mortgage broker you should look i...
- PMI was made tax deductible only recently, and there is no guarantee that it will be so forever. It was passed as part of all the measures to help homeowners. I wou...
- Hi K., Congratulations! We are in the same boat as you. It is my understanding that if you have 20% down then it is better to get a regular loan specifically to...
First Home Purchase
Asked by L.B. from San Francisco
on January 27, 2012
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Hi Mamas!
It's a very exciting time as I am looking to purchase my first home. My Husband and I have taken HUD approved workshops and are certified from the neighbo...
Answers
- Okay. First of all do not get a loan at the top because you can "qualify" for it. Get something close to what you pay rent. Remember you will be paying utilities an...
- How exciting for you! I wish you all the best in this terrific journey. I don't know exactly how realtors work in California, since much of the buying & selling pr...
- go to dave ramsey dot com. Look under ELPs - endorsed local providers for the realtor and loan officer. The website explains it all - but they are people "with the...
Seeking Help with Mortgage/Closing Costs Questions
Asked by E.S. from Chicago
on March 7, 2012
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Any mortgage brokers out there who have a really good and comprehensive list/template/description of closing costs from both a buyer's and seller's perspective? My hus...
Answers
- Call Bill Skutta from Mortgage Resource Group in Elmwood Park. I send everyone to him that has mortgage questions. He is great and super knowledgable on many product...
- Nowadays, it is best to make an appointment with a mortgage broker/banker and they will sit down with you-and all your financial info, and determine-as closely as pos...
- Here is a link of the usual closing costs, I think they may vary from state to state. Here in Florida and in PA we did not need to hire an attorney. We have bought pro...
Need Advice on Getting Out of Debt
Asked by H.M. from Kansas City
on November 3, 2007
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My husband and I have hit rock bottom, I don't know what to do. We are about to lose our house and car and I'm afraid then we'll lose my 2 stepsons too. We owe almost ...
Answers
- H., I am so sorry for all the bad luck that you and your family are having at this time. Have you checked into any of the Churches? Is there any way that you can work...
- H., Have you tried the HUD and FHA Loans, supposedly Bush has made those easier for families to get since all the foreclosures that are going on. Call a broker or...
- Hi H., I know you probably don't want to but you could try finding a job to help out a little. You could work it around your husbands schedule so you wouldn't have...
Buying a House. Is It Really This Hard
Asked by C.Z. from Sioux City
on April 23, 2012
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Ok so long story short me and bf and boys are in a small house. It is a fine fit but we are renting and it was only supposed to be temporary. We thought we had a house...
Answers
- We got pre-approved for a loan, so, no, it wasn't that hard...the hardest thing was finding something we liked. See about getting pre-approved. Good luck!
- When we bought our (first and also after we sold and then bough our current) house we had to be PRE-APPROVED for a loan. At least that is what our realtor wanted us t...
- Building our first home was easy! Did I mention that was twenty years ago and my ex's dad sat on the board of the bank? :p That is the gods truth. My now husband an...
