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  1. When you say "you must have a 5% savings to be eligible" -- what exactly does that mean?
  2. Also, we are in a USDA region -- would be able to refi into one of those?
  3. That's what I was afraid of (the higher PMI). It still seems like I might be worth doing since PMI isn't forever. As long as our payment didn't go UP, it seems like I would be worth it if we didn't have to come out of pocket much. We pay extra on it every month (trying to get it paid off sooner). Our current mortgage is through Wells Fargo and I called them to check into a streamline and no one called me back -- which kind of shot up some red flags that it might not be worth it. We plan to be in this house til its paid off -- if that makes a differene. So...how much does a
  4. --- Are FHAs DTI limits different? He was right there on the cut off on the DTI for FHA.
  5. Current FHA loan -- $198,000 @ 4.875% 28 years left Would it be worth it to streamline refi? It's only in my husbands name and he has great credit 780-800. Do you have to refi through FHA or can you do a convential refi? Thanks in advance!
  6. daneyb

    GFE Review

    Okay, I'm refinancing the house I owned with my exhusband into my name and I would appreciate some input on the "GFE" or whatever it's called now that I received from Home Savings Bank of America Middle Score is 675 and DTI is at 30% 810 Processing Fee $695.00 811 Underwriting Fee $795 813 New Loan Admin Fee $300 814 Compliance $75 Title Charge: 1101 Closing/Escrow Fee $150 1108 Title Insurance $475 Title Search Exam Fee $150 Binder $65 Shipping/Handling $65 Endorsements $150 Government/Recording 1201 Recording Fee $104.50 1302 No
  7. I gotcha! Were are the best places to refinance? Just check around at your local banks etc?
  8. That is the rate, we locked 2 days ago and signed the rate lock agreement etc. This is through NVR/Ryan homes. They are paying 1 discount point towards the rate. We are rolling in our closing costs to the loan. We already got our closing date scheduled 2/23/2010 (we did a 30 day rate lock). So, it sounds like it's a pretty good deal then? D.
  9. FHA Loan amount: $202,065 Sales price: $205, 793 Rate: 4.875 Borrow Amount: 902 Mtg Insurance Prem $3475.33 1311 Homeowners Assoc Dues $304.76 Closing Costs: $3780.09 Seller Amt: (Not sure why it's listed in this column cause I'm pretty sure we are still paying for it. We are rolling in our closing costs into the loan) Orig Fee $1985.90 Appraisel Fee $285 Credit Report $40 Tax Service $84 Life of Loan Flood Cert $13 Document Review fee $300 Proc Fee $300.00 Verif/Employment $12 IRS Tax Transcripts $20.00 Prepaid Interest $134.94 Hazard Ins Prem $420 Settle/Close Fee $
  10. I currently hold a FHA loan with my exhusband. As part of our divorce decree, I agreed to sell and/or refinance the home. I was approached this week from an unknown entity about FHAs streamline refinance program. My question is, my exhusband signed a Quit Claim Deed to the property, am I able to utilize the Streamline refi option into my name only? Any help would be appreciated!
  11. Okay, we are building a Ryan home and using their mortgage company. I'm sooooo confused when it comes to rates and points etc. But...can someone take a look at this and tell me if they are messing with us? This is the email I got from the mortgage lady on Jan 5th: 30 day lock: 5% with the one point paid by Ryan 4.875% costs 1.875 points so you would pay .875 points = $1768 60 day lock: 5.25% with the one point 5% costs 1.125 points so you pay .125 points = $252 4.875% costs 2.25 points so you pay 1.25 points = $2525 This is the email I got today: 30 day expires on 2/10 5%
  12. Me and DH are building a home. Project manager says he is confident the house will be done on/before February 20th. We are talking with the mortgage company about a 60 day rate lock. Will cost us $250. They are paying a point and we are paying .125. My question is --- I know you guys aren't fortune tellers but....we've been watching the rates slowly creep up. We were at 4.75 when we first started back in November. Now we are at 5.25 w/ Ryan paying a point and we can pay another half to get it down to 5. In your guys "best prediction", do you think rates will come back down a lit
  13. daneyb

    USDA Approval

    I dont think I'll have a problem getting the loan, but may main question is this: Question: Divorced in Jan 09. Ex husband has car that is both of our names, payment is $385. Dissolution states he is financially responsible for the vehicle (I kept the other car). I provided this to my lender and he said it wouldn't count against my DTI. Is this true?
  14. daneyb

    USDA Approval

    Okay I completed an application with a local lender for USDA Guaranteed and he said I'd probably qualify but I'm right on the brink, so I'll give you the scenario. Income: $60K year Ohio -- Clermont County (USDA site says I'm eligible for Guaranteed) Middle Credit Score: 680 Debt: Car loan $490 Student loan $367 Mortgage payment $1200 (wanting to stay in this same payment on the next house) Question: Divorced in Jan 09. Ex husband has car that is both of our names, payment is $385. Dissolution states he is financially responsible for the vehicle (I kept the other car). I
  15. daneyb

    GFE Review

    Well, I would be having the house built so this would be contingent on what the rates would be at the time we closed.
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