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Tue Apr 29 2008, 19:19 - Michigan - Home Buying - 8 answers
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Marilyn, I see you have a variety of answers, but nobody has actually given you a source to verify information. Because you do not identify which FHA product you will be using I suggest calling
1-800 CALL FHA to get an answer. In general, I would agree with Lisa Bender everything will be from your purchase price. If you are speaking about PMI insurance, you should contact your FHA lender, you are able to have your homeowners insurance and property taxes escrowed depending upon your lender. If nobody has correctly (or completely) answered your question, I suggest making a comment on this question through your Trulia account. Good luck with your purchase. Sounds like you found a good valued home. Wed Apr 30 2008, 11:47 Web Reference: http://mi-living.com
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A 30 yr FHA loan will require PMI no matter the value of the home or the down payment. They also require you escrow the taxes and insurance. If the home actually appraises for $195,000 you may be able to refinance into a conforming loan with no PMI after you close, depending on your credit and qualifications
Wed Apr 30 2008, 07:47
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Hi Marilyn:
Assessed value truly has nothing to do with your loan at all. It's dependant on the mortgage program you choose and how much of a down payment you're putting down. Even if your home appraised for $195,000 and you're buying it for $165,000 lenders looks at purchase price. I'm not a mortgage professional but if you're looking for someone to help you understand your options better, please feel free to shoot me an email. I have several excellent references. Best of luck! Wed Apr 30 2008, 05:22 Web Reference: http://www.ClickThisHome.com
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Marilyn,
The answer to this question is a simple one ... you say, "assessed at $195,000..." Do you mean that, or do you mean, "appraised at $195,000...?" When closing a Real Estate transaction, the answer to your question, lies in the answer to mine. Further questions, email me at http://www.DoorToDreams.com .... Derek Bauer, Associate Broker Real Estate One Tue Apr 29 2008, 21:16
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purchasing a home for less than what assessed value normally means homes in that area also are being purchase under value. It actually hurts you purchasing the home for such a deal b/c all it is doing is lowering the value of other homes in your area. As far as fha, pmi is on all 30 year loans even below 80%. if you do a 15 year fha loan, no pmi if under 90% though.
Tue Apr 29 2008, 20:13
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It all depends on your lender. Most of the time, they can let you pay your taxes and insurance on your own, but discuss with them.
Tue Apr 29 2008, 19:33 Web Reference: http://AnnArborRealEstateTalk.com
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FHA loans will always have mortgage ins, no matter how much equity you have. Even if you didn't have an FHA loan you loan the lender will always base the value on the purchase price vs appraised value or the assessed value. Let the county assessors office know that you bought the home of less the the assessed value , which will reduce your property taxes.
Tue Apr 29 2008, 19:31
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FIRST ANSWER
No most lenders would think 20% would be enough but, it all depends on the lender.
Tue Apr 29 2008, 19:28
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