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Leslie Said:

I have found that my home insurance has lapsed, how would I go about getting insurance now?

We Answered:

Actually most insurance companies ask if you are purchasing the house now or if you have owned it and if you have owned the property then they will want to know who currently provides coverage on the property. Its not a good idea to lie about this. If the mortgage company issued coverage you may be able to use that as your current coverage. Try here for a list of local agents: http://www.insuremyhouse.com Most agencies can write a non-preferred policy for a year to re-establish prior insurance and then convert you to a preferred policy.

Jenny Said:

I need help understanding an FHA home loan...?

We Answered:

wow... very confusing but good for you buying a house!
i don't know much about buying houses. all i do know is that FHA isn't lending you the money. FHA only insures your loan to the bank.
i'm not 100% sure but i think at closing you usually have to pay for your portion of the real estate taxes. some insurance... maybe your paying a down payment on the insurance then the monthly premiums.
maybe the 656 is the actual mortgage payment and the 860 includes the insurance.
3k is the 3% down... 4k more in fees sounds like Alot. i'd bring it up!
cant you get sellers assist for your down payment?