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cputrwz

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About cputrwz

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    Romancing the CU

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    Fairfax, VA

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  1. Well none of the houses around here go for less than 150k. We were trying to find some mobile homes on land. This is why I was asking about the 502 subsidized loan... I would think there would have be some sort of grant programs or assistance programs that could help with housing. We live in Virginia and don't even have section 8 voucher program now.
  2. I have a question...not sure you guys can help but thought I would ask. I have been trying to figure out this USDA Direct 502 loan program and can't seem to do it. My mother is 62 and disabled and makes about 730 a month in SSI. From reading about this loan program... it sounds like it would be a slam dunk to getting her into a home. She doesn't have anywhere to live (except with me) and we keep getting told she doesn't make enough money to be very low income. But, I thought the whole point of this program was to subsidize people to help them actually get into a safe home and give them a reasonable mortgage? Does anybody know the ins and outs of this program? Also curious, do housing grants actually exist? Our state is Virginia and the VHDA programs are fairly limited for very low income people.
  3. Could you take over updating and maintaining this thread? JFCU has a maximum exposure level they will give you though based on your "profile". So, for example I had a 40k credit card with them and I then wanted a personal loan. They told me 40k was my max and if I wanted the personal loan, I'd have to lower the limit on my credit card.
  4. Does Discover have an executive customer service email address? I tried searching online for some email addresses but so far I haven't gotten any responses from addresses I used. They didn't come back as non deliverable, so I'm not sure if they weren't good or if I'm being ignored. Thanks in advance!
  5. Well I didn't want to call them.... I hate talking on the phone.
  6. Anybody have a recon contact for US Bank? I tried asking for either a fax number or snail mail address to their customer support and all I got was please call us. When I called the dude wasn't any help either.
  7. Except in a minority of circumstances I don't see how a recurring $250/month expense for MI is preferable to putting $10-$12,000 down. The down payment money is still yours in the form of home equity. The $250/month paid for an indefinite time period to someone else is money you'll never see again. You might as well light $250/month on fire and watch it burn. Can you even avoid PMI (or an above-market rate, which will also rob you blind) with just 3% down? There are some programs where you can avoid PMI with 3% down. My state housing authority has a 3% down program with no PMI. It is of course income restricted. Perhaps, but I was talking specifically about the $250/month for PMI that you are considering flushing down the toilet with this 100% LTV option, along with paying a 50% markup on the going interest rate compared to a 15-20%-down 30-year fixed mortgage. LOL ... well this isn't my thread. So, its all good.
  8. Except in a minority of circumstances I don't see how a recurring $250/month expense for MI is preferable to putting $10-$12,000 down. The down payment money is still yours in the form of home equity. The $250/month paid for an indefinite time period to someone else is money you'll never see again. You might as well light $250/month on fire and watch it burn. Can you even avoid PMI (or an above-market rate, which will also rob you blind) with just 3% down? There are some programs where you can avoid PMI with 3% down. My state housing authority has a 3% down program with no PMI. It is of course income restricted.
  9. Yes, 90 days. And thanks for the numbers, very good analysis. I'm still going with the 100%.
  10. Thanks guys! I went ahead and got my preapproval from Navy Federal. I just applied through the representative that my realtor gave us and POOF preapproval. I haven't been able to do a contract yet cause we have to get someone to put an offer on our current house first... but my preapproval is good till October. So, here's hoping!!!
  11. If its any consolation and just so you can compare: I currently have a conventional loan with PMI at 3.75% that my payment is about 2,485 (original amount was 387k). This includes about 250 in PMI. I also have an equity loan that is 331 a month. I am preapproved for NFCU's 100% loan at a 4.75% rate for 400k and rolling in 7k in fees. The payment on that is 2,500. I don't plan on using all 400k of the approval - so for me, taking the little bit more interest rate is worthwhile then having to fork out the 3% downpayment. And overall, my monthly payment will be a lot less.
  12. I refi'd my FHA loan to a conventional loan to reduce my PMI. I almost got to get rid of it but my appraisal came in a little low. I was paying about 450 in PMI and I got it down now to 240 I think it is. If you go with a credit union, they have loans that don't have PMI.
  13. How do you qualify for additional mortgages with DTI restrictions? Do you have to have like 0 debt to get an investment property? Or do they factor in you renting it out?

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