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Alberto Said:

Do you have to pay an ufmip on a FHA loan for a condo?

We Answered:

Yes you must pay this up front fee. You might also consult with your tax consultant, as on your 1098 from your lender a certain portion of this might be tax deductible on your future taxes. There is a formula for the taxes that might be charged.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"

Beth Said:

How painful can the Truth possibly be?

We Answered:

You won't get any libs to comment on this because facts are like soap to a hippie. Besides it isn't a cute little phrase like bush lied or republicans suck so they can't remember it.

Anne Said:

What should I watch out for in a FHA loan?

We Answered:

Yes, they are trying to hide things from you and trick you into giving them all your money.
Sheesh: take the time to read the good faith estimate and educate your self.
A home purchase or refinance is a major investment, don't just speculate.
An FHA loan is insured by the federal governement and has strict guidelines but allows for smaller down payment
Here is the link to the HUD Portal to FHA loans
http://portal.hud.gov/portal/page/portal…

Brian Said:

Why do liberals ignore the cause of our economic fall, and vote for those that caused it.. to fix it?

We Answered:

I'm not at all convinced that it was just the fault of the Clinton Administration, financial deregulation is also to blame.
Firstly F mea and mac only make up a small portion of subprime loans given out
Secondly their was a commercial property bubble at the exact same time while this followed a previous spate of financial bubbles accross the world and in the west.
Thirdly the shadow banking system that was outside the government net made most of the subprime loans
Fourthly, European banks were happy enough to buy the loans showing the importance of imforation asymmetries purchase of these loans.

Although the feds interest rate did also cause the crash this was caused by the number of bubbles that had occured to determine the feds policy. So even if some of it was to blame on the clinton admin blame can also be laid of the new rights deregulation of the market

Carol Said:

Do i need to have 20 % down when i refinance from FHA to Conforming and does the down amt from FHA counts?

We Answered:

ok here it is. Once you have an FHA note then you can streamline the note if rates drop and you will be given credit for a portion of the upfront MIP that was not used. Next FHA requires not less than 3.5% down payment as of 1-1-09. You can put more down if you wish. That will not take off the monthly MIP. Now you do the MIP is a tax preference item and you can deduct the MIP just like you can PMI in a conforming loan. So once either you have paid down to less than 80% of the value or your home has increased in value and you get to less than 80% it makes no difference as to what loan you have. The rates are just slightly higher conforming vs FHA and the FHA MIP is based on credit scores now so the up front could be as high as 2%-a low of 1.5%. You can put as much down as you wish as yes you are getting equity. With that I as a loan officer would rather you have an emergency fund that is used only for the emergency's in life and then replaced if ever tapped into. When it comes time to refinance this note you may want to throw the cash at the pricipal at that time if you wish
Just my thoughts on the subject

Johnny Said:

Can we refinance our FHA 30 year Fixed Loan?

We Answered:

Yes you should be able to, check the small print in your contract, some lenders add in a penalty if you pay the loan off before a set period of time.