Financing in Racine : Real Estate Advice

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Eric D Lenz, Real Estate Pro in Greendale, WI
Eric D Lenz answered:
Is there such a thing as a 10 year mortgage?
You bet! A 10 year mortgage is not commonly used, but you can get it, just ask your lender. You might even get a break on the interest rate of the loan.
0 votes Share Flag Tue Oct 9, 2012 Financing in Racine
Jeffrey Kropp, Real Estate Pro in Chicago, IL
Jeffrey Kropp answered:
Is the UFMIP and MIP on an FHA loan based on the purchase price or loan amount?
It is based on loan amount, starting October 4th 1% for upfront and in most case 95 basis points for monthly (a big increase).
0 votes Share Flag Wed Sep 15, 2010 Financing in Racine
Mini Samuel, Real Estate Pro in Kenosha, WI
Mini Samuel answered:
What is the approximate interest rate on an FHA loan with a credit score of 650? I am looking to purchase a home for $100,000 with $10,000 down and
your best bet would be to speal to a loan officer..If you need a referral to a local lender, please let me know..Thanks! Mini Samuel
0 votes Share Flag Sun Jul 18, 2010 Financing in Racine
Elva Wormley, Real Estate Pro in San Jose, CA
Elva Wormley answered:
Can someone please explain FHA's mortgage insurance works? I am looking to by a house in the fall and am wondering how large a down payment I
Hi Jjohnson,

If you're putting 20% down, you should be able to go with a conventional loan.

With FHA, regardless of the down payment, you are required to have mortgage insura ... more
0 votes Share Flag Fri Apr 9, 2010 Financing in Racine
John Burke, Real Estate Pro in ELK CITY, OK
John Burke answered:
When applying for a mortgage, how are deferred student loans treated?
It depends on the loan program and the lender's overlays.

FHA will require that loans be deferred for at least 12 months in order to with hold the student loan payment from your ... more
0 votes Share Flag Tue Mar 23, 2010 Financing in Racine
Sarah, Other/Just Looking in Racine, WI
Sarah answered:
Is it a bad idea to purchase a home with a high intrest rate if the intention is to refinance in a year or two? I recently noticed a home for sale in
Oh, and a little more info on my situation...I filed a Chapter 7 bankruptcy and have never owned a home before. Another reason I want to buy now is to take advantage of the $8,000 tax c ... more
0 votes Share Flag Thu Jan 7, 2010 Financing in Racine
John Shellin…, Real Estate Pro in Pearland, TX
John Shellington answered:
I would like to buy a house, but I was discharged from a bankruptcy 16 months ago and my credit score is only 507. I also have a large amount of
Ideally for an FHA, the minimum credit score for most investors is now 620. This should be your minimum middle score. You might find that you won't get the best rate until you hit ... more
0 votes Share Flag Sat Oct 9, 2010 Financing in Racine
Grace Morioka, Real Estate Pro in San Jose, CA
Grace Morioka answered:
will i qualify for an FHA loan?
Hello Dest:

The best way to determine what you'll need to qualify for a loan in the near future is to talk with a qualified mortgage broker or lender in your area. The broker o ... more
0 votes Share Flag Wed Sep 9, 2009 Financing in Racine
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