I was looking into the the Fannie Mae My community mortgage program, but was unsure about my elegibility. I currently own a tri-plex that I am not planning on selling. But I am currently living in one of the 3 units and 1 bedroom, and wanted something bigger. I was looking into purchasing another multi-family [...]
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I recently purchased a house with a conventional property sectors in housing, lending confidence to the north. I think we may have underestimated the security in the area and after moving, and now I want to buy a second home with the FHA. Can I do this or is there a certain time I stay [...]
Continue reading about Owner occupany demands of conventional loans.
I am trying to find out which is the better way to go: Suppose I get a 30-year fixed 5/1 ARM, so I get the lowest possible interest rates for 5 years. At the end of the 5th year I sell my house, and therefore have the money to pay off the loan. [...]
Just something I’ve been curious about… When someone finances a really expensive house, lets say 2M, how is that usually done? Is it like cheaper houses where it is most common to have 20% down or do lenders usually require much larger down payments? Are there more stringent requirements for reserves and DTI as [...]
Sorry if this is a "duh" question, but can you get a fha rehab loan if you already own a house? I have a place in Austin but live in LA now and would like to go the FHA route. I was looking at the official HUD FHA 203K fact sheet, and didn’t see [...]
Question on PMI that I can’t seem to get a straight answer from on the web: We are in the Boston area, borrowing 500K, and can’t put 20% down to eliminate PMI/MIP. If we put 15% down, are there any differences in PMI/MIP costs if we do 30-yr fixed, or 30-yr FHA? We’re mainly interested in paying the remaining 5% [...]
I started working with Statewide Realty and Mortgage on October 11 and submitted all docs by Oct 14. I had a 30 days lock on the rate. The lender was EVER bank. I also provided my credit card info for appraisal. My credit card was charged $ 400 on Oct 25. My broker got an [...]
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It appeared to be unreasonably high but I wanted to check with the group. On Good faith estimate the loan originator stated the following figures to be charged by him/his bank (in addition to credit report fee): 1. Application Fee $ 4952. Underwriting fee $ 7953. Document review fee $ 225 Other details: Local MD lender, [...]
Continue reading about Lender’s Fees – are these reasonable? Please chime in!
I purchased a house in DC in April of this year. There was an issue with the way my taxes were being calculated (long story), we resulted in me paying too much in taxes for the 2nd half of 2010. I’ve resolved this problem for the future, but collateral damage from this is that [...]
Hi, We are trying to purchase a house using FHA. My lender just came back to us today stating that we would not be able use my wife’s income for qualifications. I was hoping I could get someone else’s opinion on this matter. She has limited job experience as she just got her work [...]