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Found 7 results

  1. Hello CV and everyone, Wanted your brutal opinion because I am in the process of refinancing my FHA loan and just received the loan closing disclosure (CD) today but wanted to know if I'm doing the right thing and/or its worth it or Not. My current FHA loan as follows: Appraised Property Value $400K Current Loan interest rate is 3.25% (closed this loan 13 months ago) Original Loan Amount $393K Current Principal Balance $383K (30yrs loan and nearly 29 yrs left). Loan Maturity date 08/2049 Current Monthly payment $2400 (Principal $671+ Interest $1,038 + Escrow $690) VS. My FHA refinance loan will be as follows: Appraised Property Value $400K New Loan interest rate is 2.75% Original Loan Amount $387K Principal Balance $387K (30yrs loan). Loan Maturity date 11/2050 New Monthly payment $2391 (Principal + Interest = $1,582 + Escrow $542 + PMI 267) Cash to close from borrower (me) $2089 Thank you all for your feed back.
  2. Hi Folks - I'm scheduled to close on a new construction home 8/30. The kids start school here in MD on 9/3. They enroll in new schools and I want to get them settled as much as possible. That background might come in handy for the scenario that I'm seeking advice on. Here's the scenario: purchase price is $439,540. I'm currently doing an FHA loan with 3.5% down. My mortgage credit score is 726. The loan estimate has me paying $300 month in PMI. The issue is that in October I get my yearly sales bonus; at that time I can put down the ~$90K needed to cover the 20% down payment to remove PMI. Questions for those experienced in the industry: 1. Should / can I delay closing for two months? If so should I go conventional? 2. Should I move forward with the FHA loan and refinance quickly? How soon can one refinance? 3. Should I move forward with the FHA loan and simply pay $90K on the principal of the loan and reduce the amount to have PMI removed? Thanks for your help in advance.
  3. I have a question. I have bankruptcy protection under a chapter 13 bankruptcy and I have been making my payments on time but I think that Chase has me a month behind. I could make my payments much easier if I could get rid of the PMI. I already have 20% down and am wanting to know if the bankruptcy will keep me from getting the PMI taken off if I either get caught up or find out that I am not really behind? It is only a few hundred dollars a month but I could apply that to the principle or other bills. Thanks ahead of time.
  4. I know we've discussed DTI quite a bit, the norms and the exceptions, but I'm not sure if this was discussed previously... The LO mentioned that DTI could exceed 45% but that <=45% was required in order for them to obtain PMI on the loan. This was for conventional with <20% down, obviously.
  5. Had a prior bankruptcy 2 years ago. I have a large down payment of 40,000 and it works out to a 32 % down payment on the house. The bank wants Pmi. Does this sound right with the bankruptcy I should have to pay? Credit score 667.
  6. Is it true that starting this month (June) -- any FHA loans that are required to carry PMI - it will be for the life of the loan and will no longer drop off when there is enough equity in the home? That will mean 20% for everyone (new loans? refinancing? both?) down or 20% (or higher?) equity in your home to avoid it.
  7. Ok... I'm in the middle of a refi and my appraisal came back short. For me to do this refi, I now have to either pay off the 2nd mortgage, subordinate the 2nd (which I hear is almost impossible these days, unless I do a Harp loan or go with the same lender for the 1st mort, that's holding the 2nd), or get PMI. I'm leaning towards PMI. I've got the cash to pay off the 2nd mortgage, but I'm thinking I should just do PMI... I haven't heard back from my loan officer, but from my research, it looks like my PMI would around $70 a month or $2100 upfront.... I could also go to closing with $15K in cash to get me to 80% too.. I don't want to empty my bank account, but I hate the idea of monthly PMI, so I'm thinking I should just pay the upfront PMI. The question is, is upfront PMI tax deductible like monthly PMI is? If it's tax deductible, I'm thinking of paying it upfront, assuming it comes in around $2000. What are your thoughts on this, especially about the tax deductibility, ssuming my numbers are accurate? BTW, when I calculated my monthly PMI, my figure .... based on calculations I found online, were about double the $70. The $2100 upfront and $70 was given to me by a loan officer, based on the numbers I provided.... I gave him my mid FICO, current appraisal, and what I was looking to borrow.
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