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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!
My husband and I have been patiently waiting to buy a home for years. We had a lot of obsticles that kept us from being where we needed to be that we have now overcome. We have been in a lease purchase for the past couple of years for a home that we will be purchasing for $250K and we have accured about 10K for the downpayment though we may be able to come up with a few grand more if needed to close.
Here are our current issues: I am self employed & my spouse is on SS Disability. His income is non-taxable. Majority of my income is through a contractor position that I have held with the same employer for over 6 years now. After our accountant completed our income taxes this past year, I was concerned it might not appear that we make enough income to qualify. I currently bring in 60K per year for this contract posiiton plus another 5-10K in additional contract work. I have roughly 5-7K in expenses however, the way my home office is setup it is a large portion of our home and after they completed the home office exemption and household related expenses, my taxable income appeared to only be about 20K.
Since the majority of the reasons my income looks so low is due to our home expenses which would be similar if we were to purchase the house, how would they look at my income for qualifying for a mortgage? Would they look at it before the home office exemption was used or after? Also, I have heard that SSD income is sometimes counted as more due to being non-taxable. Is that true? My spouses income from SSD is roughly $30K.
I also wondered if being self-employed ended up causing too much problems if my employer ended up hiring me a a fulltime employee instead of a contractor if that would change the situation. We had discussed doing that as well anyways.
I appreciate all of your input. I have been dreaming of being a homeowner for so long and we finally found our dream home that couldn't be more perfect for our children.
I was pre approved for house and bank just accepted my offer last week, I received notification today that credit score dropped 28 points ONLY thing changed was alert saying "credit usage significantly increased 45%" it takes me to 608 score which is below 620 needed with lender for FHA. Spoke to loan officer and said yes it could affect me closing on home. My inspection is tomorrow so I have time, I paid off card today to $0 balance. Do you think I will be OK come closing?