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Marian Said:

Is there mortgage relief help for homeowners with fha loans?

We Answered:

I AM IN NEED OF MORTG HELP. I PAID $800.OO TO COMPANY CALL MORTGAGE HELP SERVICE, TODAY THE GOV CLOSE THE COMPANY DOWN,FOR THE SCAM.THEY TOLD ME THAT THE COMPANY COULD HAVE MY MORTGAGE ADJUSTED OR LOWERD THE MONTHLY PAYMENT.

Holly Said:

Which is better? Conventional Mortgage, FHA Loan Or a VA Home Loan?

We Answered:

Before you consider going to a broker, research rates from your credit union, the VA and banks. As a customer, you stand a better chance of getting a good rate. A conventional loan is ALWAYS better than an ARM (often have teaser rates to suck you in), especially today given the market. Keep in mind however, that a conventional loan has stricter guidelines than the other "fad" loans. The benefit of the conventional is that your payment will always be the same over the life of the loan, there are no suprises, adjustables etc. (barring any additions to the mortgage such as escrows for taxes and insurance). Expect to put down at least 10%, closing costs in NYS are approximately 6%, which you can have rolled into your loan for a few bucks per month. Remember the lower your down payment, the HIGHER your montly mortgage will be. Additionally, with anything lower than a 20% DP you will be required to pay PMI - Private Mortgage Insurance but the upside to that is that when you have built 80% equity into your property, you can apply to have the PMI removed.
Also, if you purchase a condo, you must ask about the rules and more importantly - how much the MAINTENANCE FEES are a month, sometimes they are equal to a mortgage itself.

Robert Said:

FHA home loans, is mortgage insurance mandatory?

We Answered:

You can easily check your quotes in internet, for example here - home.bebto.com

Vernon Said:

I am applying for a FHA home loan. The mortgage broker says the rate is 6.5% but the document states APR 7.5%?

We Answered:

It's not just the mortgage insurance- it's any closing costs involved which are classified as interest- so any points etc. are added to the APR & that rate is your 1st years combined rate. However, a whole 1% difference seems excessive to me. Mine are usually about 1/2% higher. Sounds like they are hitting you pretty hard on closing costs. Also, I don't like the sound of your broker saying your rate will be "around 6.5%" tell him to Lock it- FHA rates are rising 6.5 % is actually really good right now. Good luck!

Carol Said:

FHA home loans?

We Answered:

FHA has certain guidelines that it follows in order to determine the insurability of a property. The reason that foreclosed properties are often somewhat risky is that many things can go wrong during the foreclosure, for example, a creditor may not have received proper notice of the sale (making it not a good sale so it would have to be restarted with proper notice or damages paid out) or the previously foreclosed home owner can file an action to contest the sale (for example, there is a dispute about payments that were sent in). There used to be a 90 day waiting period (after foreclosure) to try to protect FHA from getting involved in these types of legal problems, but I believe it has been temporarily waived to help the fledging housing market. I'll post a website so that you can review it and show it to your loan officer, so that you know which questions to ask.

Basically, the previous restrictions were not because foreclosed homes weren't in immaculate condition - it's because they were viewed as more or a lawsuit or unclear title risk to lenders.

*Please note that this is just my general opinion and does not consitute a formal legal opinion nor form an attorney client relationship; I am licensed in Arkansas.

Clinton Said:

Anyone in US had experience with FHA streamline loans/Mountain Home Mortgage?

We Answered:

Yes, many people do Streamline refis. The FHA Streamline program will refi an existing FHA loan in good standing. You can't be delinquent on the existing loan, you can't get "cash out" and the new loan must result in a lower monthly payment. Fees/closing costs can be paid in cash or rolled into the new loan. No appraisal is required.