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  1. Thank you VAloan master. Understood perfectly! Is there a better rate not using homeready with a 5% down conventional? I understand mi would be higher rate without homeready.
  2. Mortgage lending is a mystery to me. I have to leave it the lending pros to guide me, but how do I know if I am being charged too much? I am looking at two companies for lending so far, but only one has come through with an actual rate quoted on paper. I am looking at a 30-year, fixed, conventional HomeReady mortgage. The HomeReady allows for the 3% down payment and a lower Mortgage Insurance rate. My interest rate is currently coming in at 4.625, but I have other lender spouting out rates as low as ~4.3 citing my good credit scores as the reason for the lower rates. I am wondering if the low verbal quotes might be just to get my attention or if 4.625 is a good competitive rate? Any help and guidance is appreciated. Any knowledge of a better program for a low down for better interest rate? The interest rate last 30 years, the MI on a conventional will eventually fall off the loan. Thank you in advance. My scores are: EXP 769, TRANS 759, EQ 785. Currently under contract. $232500 purchase price, $4500 in seller concession towards closing costs and prepaids. Close date 5/4/2018.
  3. Nevermind- I see now that there is a difference between PMI and MIP.
  4. I went to Chase's website and here is the info I found: If we review the LTV using the current value of your property, you may be eligible to cancel PMI if: Your loan is less than two years, your LTV is 75% and you’ve made significant improvements to the property Your loan is between two and five years and your LTV is 75% or less Your loan is older than five years and the LTV is 80% or less You’ve not made any 30-day late payments within the past 12 months and any 60-day late payments in the past 24 months. I would qualify for one off those in blue except I don't live in the house... it's rented out so the below would apply, but they do not indicate if they will use original value or current value. If they use current value, my estimate comes in that I am at 62% LTV. I will write them and see what they say. For investment properties, you may be eligible to cancel PMI if: Your loan is less than two years, your LTV is 65% or less and you’ve made significant improvements to the property. Your loan is older than two years, your LTV is 65% or less and there have been no significant improvements.
  5. Hi Grateful! FWIW, When I was house hunting, I had better luck with a mortgage broker rather the bank or credit union. My credit union would not budge and capped all loans at 36%. My broker went to 45%. Hope this helps!
  6. Hi... I think that one thing that is misleading is when you are pre-approved, they do not take into consideration your debt. There are tools where you can check your DTI ratios to see the price range you really should be shopping in. They also will approve you based on your GROSS income, but you also need to understand how much you truly can afford every month. For any past due payments and paid collections, be prepared to write letters of explanation towards the end of the loan process. Happy house hunting!
  7. Dang... talk about a hikacked thread...lmao. I know ZESTIMATE is not 100% accurate- but it at least shows that the value has increased. For this house, Zestimate was right on when I purchased the home. I was just hoping the experts here would know what Chase's requirements are for removing- and yes I KNOW that I purchased before they made PMI permanent... I've been counting down since day one. If they base it off the original appraisal, I will most likely need to pay for another appraisal. I guess I'll have to suffer through a phone call with Chase. Thanks!
  8. I see what you are trying to do and so I don't think this will answer your question, but I say live where you WANT to live. I bought a home and have a long commute to/from work, but I would NEVER want to live anywhere close to where I work. I send my son to private school and I would also NEVER want to live where he goes to school. Don't let the schools dictate where you lay your head at night. I am a big believer in private education vs. public but that has nothing to do with buying a home except I'm a big believer in owning a home also- both are investments. Buy the best house in the most affordable neighborhood for you- a place where you feel okay for your kids to play outside (do kids even do that anymore???). BTW, I have found private school to be ridiculously affordable. I am not sure about your state, but we have scholarship and tax programs. Good luck!
  9. I am coming up on 5 years of paying PMI on an FHA loan which originated in May 2012. What steps do I need to take for the PMI to be removed? My lender is Chase. I currently owe $131,500.00 It was originally appraised at $150,000.00 Based on the zestimate from zillow, current value is $213,000.00 Thank you in advance, Char
  10. I appreciate the response Very helpful!
  11. Can a seller contribute closing costs on a VA loan? Assuming seller paid closing costs of 3.5% on a $195k purchase= $6825 closing credit Estimated VA funding Fee $4200 If funds remain after paying other closing cost with the seller credit (such as escrow etc...) can the balance of the 3.5% seller credit be applied to the VA funding fee meaning that a smaller amount is rolled on to the loan? On a $195k home, what would expected closing costs be in Arizona? Thanks in advance
  12. My brother is relocating from Cali to AZ. He would like to buy a home and is eligible for VA loan. He is staying in the same industry (IT) and coming from a job that he has been in for more than 10 years. His new job will be with the VA in AZ. His current monthly outgoing expenses (car payment, credit cards, student loans) are $935.00 per month. His annual salary is $60,000.00. How much do you think he could qualify for? Are ratios different for VA vs FHA? Is he exempt from PMI? Any special consideration when looking for a realtor and lender for him? Thanks
  13. Thank you Brian. I'll look into the refi on the rental. I appreciate the guidance.
  14. Purchased a home in 2012 using FHA 3.5% down. I lived in it for 18 months and it has been rented out since using a property management company. The current lease is up in Dec 2015. I am renting another residence for myself and am considering buying something small to build equity rather than throw my money away renting. When I run my numbers, it doesn't seem like I would qualify to buy. Can someone else look at my numbers and chime in? FICO Score 687 Income: Job 1 Annual Gross $46500.00 (5.5 years) Job 2 Annual Gross $6500 (15 years, part-time status 5.5 years) Rental income $1395.00 per month (since Dec 2013) Child Support $300 per month Expenses: Current Mortgage including taxes & insurance $1055.00 Current HOA $33.00 Current Rent $990.00 Car payment $285.00 (balance $6,000) Credit Card min payments $300 I have a 401k with $18,000. I have the ability to take a 401k loan to pay off the car. I understand that 401k loans are not included in debt calculation. Current home balance $135,000, 4.75% APR, "zestimate" $174,000. Recent comps are selling for around $185,000. Due to FHA, I am currently paying PMI that would fall off in June 2017. Should I be do something here like a refi? Not sure since it is a rental. I am looking for something between $85,000-$110,000 with 5% down. I appreciate any advice.

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