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Financing in 95757 : Real Estate Advice

  • All49
  • Local Info0
  • Home Buying21
  • Home Selling7
  • Market Conditions3

Activity 9
ronaldswanso…, Other/Just Looking in Orem, UT
Tue Jan 27, 2015
ronaldswanson55 answered:
I would recommend getting a divorce attorney. Going through a divorce is stressful enough. Going through it alone is worse. Divorce attorneys are there to support you, and not only financially. Your lawyer has your best interests in mind and will support you emotionally as you go through the divorce. Find one that you feel comfortable with and your divorce will go a lot more smoothly. ... more
0 votes 15 answers Share Flag
JR Thrasher, Real Estate Pro in San Diego, CA
Tue Sep 23, 2014
JR Thrasher answered:
When you say "close on a house" do you mean buying or selling? If your are talking about your ex buying a house, probably not, but check with your lawyer. If you are talking about selling, maybe. It depends on whether or not he owned it before you were married, if funds were comingled; if you were ever on the deed, how long you were married and about ten other variables, again check with your lawyer.

J.R. Thrasher
... more
0 votes 8 answers Share Flag
Joycelewis412, Home Buyer in Sacramento, CA
Fri Apr 18, 2014
Joycelewis412 answered:
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out
0 votes 7 answers Share Flag
one,  in 76155
Fri Jan 4, 2013
one answered:
You may still have to pay MI on a conventional if the LTV is greater than 80%. However, depending on the scenario, you wouldn't necessarily have to pay MI on your loan for as long as you would with FHA. ... more
0 votes 2 answers Share Flag
Jim Simms, Real Estate Pro in Louisville, KY
Tue May 22, 2012
Jim Simms answered:
Yes it can be paid by any party to the transaction, buyer, seller or lender. But whoever pays it must pay all of it, so if you roll it into the loan, all of it must be rolled into the loan. If the seller pays it, the seller must pay all of it, etc.

If you do not plan on staying there or keeping the loan very long, having the lender pay it from yield may be the best move.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
... more
0 votes 7 answers Share Flag
Steven Ornel…, Real Estate Pro in Fremont, CA
Fri Apr 30, 2010
Steven Ornellas answered:
Hi Dave,

You correctly state that FHA loans carry a mandatory 5-year MI period regardless of LTV percentage, and after this 5-year period the your original LOAN AMOUNT must be paid down to 78% (not that the loan amount is 80% of current market value, which is typical for non-FHA MI removal). Hence, refinancing is the only way I am aware of to remove MI in your case. I am not aware of any FHA-to-conventional restriction.

This "78% or 5-year Rule" before Mortgage insurance can be terminated is covered here:

Also, any MI refund is based on a few things, and can be reviewed here:

Best, Steve
... more
1 vote 3 answers Share Flag
Jeff  Marr, Real Estate Pro in Roseville, CA
Fri Apr 2, 2010
Jeff Marr answered:
Fnmimah7 - I'll echo Barbara's response, and ask a question of you: have you spoken with a loan officer to yet to learn the relatively new rules regarding converting your principle residence into a rental?

If not I'd love to bring you up to speed regarding the current 'buy and bail' rules that lenders have invoked...

best regards,

Jeff Marr
Stanford Mortgage
... more
0 votes 5 answers Share Flag
Jeff  Marr, Real Estate Pro in Roseville, CA
Thu Apr 1, 2010
Jeff Marr answered:
Dave - the advice you've rec'd from Jim and Roswell is'll need to wait 12 months before a lender will allow another primary residence transaction.....the lender also won't consider your next purchase a 2nd home since you won't meet the general guidelines for these properties....

be very wary of any lending source who says they can get around this rule. This is an agency guideline. This means that should the lender underwrite the loan, they wouldn't be able to sell it to Fannie/Freddie.

From what I'm reading you're nearly half way there!

Let me know if you'd like any more clarification on underwriting guidelines!

Jeff Marr

Stanford Mortgage
... more
0 votes 10 answers Share Flag
Lew Corcoran, Real Estate Pro in Easton, MA
Tue Mar 23, 2010
Lew Corcoran answered:
FHA charges mortgage insurance premiums for its loan products. But, they break up the premium in two parts to make owning a home more affordable. The best way to explain it is to compare it to a conventional mortgage.

With FHA, there's an Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the base loan amount. For a $200,000 mortgage, that would be $3500. With FHA, that can be rolled into the loan. That also reduces the monthly mortgage premium you will have to pay. Your annual premium would be .55% of the base loan amount - $1100/yr or $91.67/mo. Over 5 years, you will pay $9000 ($3500 + $91.67 x 60 = $9000) in mortgage insurance premiums.

Let's compare that with a conventional mortgage. If you were able to get a conventional mortgage with just 3% down payment, your monthly insurance premium would be $171/mo. Over the course of 5 years, you will pay $10,260 ($171 x 60 = $10.260) - more than what you would pay with FHA. So in this case, the mortgage insurance premium is actually cheaper with FHA than with a conventional mortgage.

If you were able to get a conventional mortgage with a 5% down payment, your monthly insurance premium would be $130/mo. Over the course of 5 years, you will pay $7800 ($130 x 60 = $7800). Compared to an FHA mortgage, that translates to $20 less per month over 5 years ($9000 - $7800 = $1200. $1200 / 60 = $20). But with the FHA mortgage, you saved $3000 in down payment because you had to put only 3.5% down. You come out ahead by $1800!

Today, because of declining markets, you can not get a conventional mortgage in most areas unless you put at least 10% down. But with FHA, you can buy a home anywhere with just a 3.5% down payment. So the question is, which would you prefer? A mortgage with a lower mortgage insurance premium and a higher down payment? Or would you prefer a higher mortgage insurance premium in exchange for a lower down payment?

If it were me, I'd opt for the FHA mortgage.
... more
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