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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)
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.
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.
Well, I've been trying to buy a house, I was shooting for a conventional loan but just found out that since I had a short sale I don't qualify for a conventional per new rules (funny, earlier in the year I was able to do conventional, who's making these rules? lol), lender said FHA will work. Is there any loophole that allows me to do conventional? If not I still want to see what you guys think about the numbers under my situation.
This is my situation:
- short sale in november 2011
- 680 credit score (thanks for advice was able to take out some disputes)
- 130K price
These are the numbers my mortgage person is offering under FHA:
- APR: 5.472%
- Finance charge 122,382
- Amount Financed: 123,982
- Total of Payments: 246,364
- Interest Rate: 3.875%
- Principal and Interest: $600
- Estimated Taxes and Insurance: 534
Not happy about the upfront 1.75 MIP Fee, but next november I will qualify for a conventional so I might look to refinance if the rates look appealing. Any advice will be greatly appreciated. I could wait and get another house maybe next november but with this house I could have roommates that will basically pay for all my expenses and the street has the space with just the right layout to accommodate all the cars, sweet!
Thanks and Happy New Year!
In 2008 my ex wife got the house in a divorce. There was no way for her to refinance it in her name b/c of market at the time--she was $50,000 upside down and didn't have the money. It was best for the kids to stay where they were, so I just let let it ride. The Final Decree had very specific language about her financial responsibility. She moved to a new state a year later, in 2009, and hasn't made a payment on the house since then. I did have my name legally removed from the deed, but that is not the mortgage. I know. I know. I should have made her refinance it. I didn't--my mistake. But I didn't expect her to do what she did. Because my name was on the mortgage, the subsequent foreclosure is now on my credit. Is there any way to get the foreclosure and payment history removed from my credit?
Somehow, she's managed to buy two houses in her new state; however, I just tried to refi my current house and couldn't do it because of the negative payment history and foreclosure. I hate that I tried to do the right thing by the kids and that now I'm stuck with a major credit downgrade because of her financial irresponsibility. Any help would be appreciated. Thanks.
I have a home that was being rented out by a 3rd party company after a divorce that has been in foreclosure for more that 2 years. The home was supposed to be a lease to own for the tenants but the company went under and just abandoned all the properties. The foreclosure process then began in late 2010. Since then the mortgage has been sold to several lenders over the course of this time and appears on my credit report multiple times. It also is still pending now. I'm not sure what to do or if there is anything that I can do to speed this process along so that I can begin to repair my credit and move on with life. Also it show on my credit report multiple times (once with each previous lender that it was sold to) What can I do to get that removed or is that accurate? Any suggestions are greatly appreciated!!