Comments on: Friday’s Rates and FHA 4-1-1 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-320351 Rhonda Porter Thu, 26 Jun 2008 00:27:59 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-320351 mare, you need to have no late payments for the past 12 months and decent credit to qualify for a FHA loan. I recommend meeting with a local mortgage professional who is experienced with FHA mortgages. mare, you need to have no late payments for the past 12 months and decent credit to qualify for a FHA loan. I recommend meeting with a local mortgage professional who is experienced with FHA mortgages.

]]> By: mare http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-320345 mare Wed, 25 Jun 2008 23:11:23 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-320345 What is an FHA loan? I have a low credit score and am looking to buy a condo. I am currently paying off negatives on my credit report and trying to save for a place. Working two jobs. Any idea if I would qualify for an FHA loan?? What is an FHA loan? I have a low credit score and am looking to buy a condo. I am currently paying off negatives on my credit report and trying to save for a place. Working two jobs. Any idea if I would qualify for an FHA loan??

]]> By: FHA Jumbo | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-297255 FHA Jumbo | Rain City Guide | A Seattle Real Estate Blog... Wed, 02 Apr 2008 00:54:33 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-297255 [...] I’ve covered FHA before…and the guidelines for traditional FHA are pretty true for the temporary Jumbo FHA mortgages as well. Here are a few more pointers for our current market: [...] [...] I’ve covered FHA before…and the guidelines for traditional FHA are pretty true for the temporary Jumbo FHA mortgages as well. Here are a few more pointers for our current market: [...]

]]> By: Friday’s Rates featuring the 30 Year Fixed (now under 6%) | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-178194 Friday’s Rates featuring the 30 Year Fixed (now under 6%) | Rain City Guide | A Seattle Real Estate Blog... Fri, 07 Sep 2007 19:55:12 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-178194 [...] FHA 30 Year Fixed:  6.375% (APR 6.881%) Payment per $1000 = $6.24 (not including MI). [...] [...] FHA 30 Year Fixed:  6.375% (APR 6.881%) Payment per $1000 = $6.24 (not including MI). [...]

]]> By: Friday’s Rates ala Ben and Bush | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-175545 Friday’s Rates ala Ben and Bush | Rain City Guide | A Seattle Real Estate Blog... Fri, 31 Aug 2007 17:26:14 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-175545 [...] FHA 30 Year Fixed:  6.500% (APR 7.119%) Payment per $1000 = $6.32 (not including MI). [...] [...] FHA 30 Year Fixed:  6.500% (APR 7.119%) Payment per $1000 = $6.32 (not including MI). [...]

]]> By: Rhonda Porter http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-133383 Rhonda Porter Thu, 10 May 2007 14:09:37 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-133383 Hi Brian, I should add that there cannot be any 30 day mortgage lates within the past 12 months (duh). The only FHA loan I did last year was to pay off a bankruptcy. It actually worked pretty sweet. <a href="http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=00-$[no]&op1=AND&SECT1=TXTHLB&SECT5=MLET&u=./legis.cgi&p=1&r=2&f=G" rel="nofollow">Straight from HUD</a>: If you paid an upfront mortgage insurance premium, you will also be charged a monthly mortgage insurance premium until the loan to value ratio of your mortgage reaches 78 percent of the initial sales price or appraised value of your home, whichever was lower (provided that premiums are paid for at least five years). You will reach the 78 percent loan-to-value threshold in one of two ways: Through normal amortization as you make your monthly payments, or by paying additional principal on the mortgage. Your lender can advise you on when the mortgage will reach the 78 percent level through normal amortization. Hi Brian,
I should add that there cannot be any 30 day mortgage lates within the past 12 months (duh).

The only FHA loan I did last year was to pay off a bankruptcy. It actually worked pretty sweet.

Straight from HUD:
If you paid an upfront mortgage insurance premium, you will also
be charged a monthly mortgage insurance premium until the loan to
value ratio of your mortgage reaches 78 percent of the initial
sales price or appraised value of your home, whichever was lower
(provided that premiums are paid for at least five years). You
will reach the 78 percent loan-to-value threshold in one of two
ways: Through normal amortization as you make your monthly
payments, or by paying additional principal on the mortgage.
Your lender can advise you on when the mortgage will reach the 78
percent level through normal amortization.

]]> By: Brian Brady http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-133285 Brian Brady Thu, 10 May 2007 07:31:46 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-133285 "With FHA, you need to have the loan for five years and have a 78% loan to value to have the monthly mortgage insurance removed." I did not know that, Rhonda. I thought MIP was on for life. It's been 4-5 years since I closed a HUD loan. “With FHA, you need to have the loan for five years and have a 78% loan to value to have the monthly mortgage insurance removed.”

I did not know that, Rhonda. I thought MIP was on for life. It’s been 4-5 years since I closed a HUD loan.

]]> By: Rhonda Porter http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-131663 Rhonda Porter Sat, 05 May 2007 18:39:39 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-131663 With FHA, you need to have the loan for five years and have a 78% loan to value to have the monthly mortgage insurance removed. With FHA, you need to have the loan for five years and have a 78% loan to value to have the monthly mortgage insurance removed.

]]> By: Lisa http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-131659 Lisa Sat, 05 May 2007 18:21:19 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-131659 I thought though, with an FHA loan, there is no flexibility with PMI, that regardless of equity, it is carried through the life of the loan. I thought though, with an FHA loan, there is no flexibility with PMI, that regardless of equity, it is carried through the life of the loan.

]]> By: Rhonda Porter http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-131289 Rhonda Porter Fri, 04 May 2007 21:44:21 +0000 http://raincityguide.com/2007/05/04/fridays-rates-and-fha-4-1-1/#comment-131289 Thanks, Keith. You've made my Friday. :) Have you checked out Active Rain for blogging Mortgage Professionals? I can send you a linnk if you need one. Thanks, Keith. You’ve made my Friday. :) Have you checked out Active Rain for blogging Mortgage Professionals? I can send you a linnk if you need one.

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