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Financing in Allentown : Real Estate Advice

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  • Local Info18
  • Home Buying62
  • Home Selling11
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Activity 10
Tue May 19, 2015
Dan Tabit answered:
Nicholas,
I could, but others have gone into great detail to do that already. I did a google search and came up with several explanations. I've attached one below.
Did you have a specific area of confusion? ... more
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Fri Jul 8, 2011
Rob Mahon answered:
Tue Mar 1, 2011
Brasbury asked:
have a loan with phfa to repair house and they did such a terrible job that I told them to stop. I really would like someone from PHFA to come and look at the work. For the amount of the…
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Wed Feb 16, 2011
Rudy McDowell answered:
Hi, Rondokye

In all my years of doing FHA mortgages, I've never heard of such a thing. You have been misnformed. As a result of your life change, you neither have to sell or refinance your home unless you wish to. Your FHA loan will remain unchanged. The person that told you this is either horribly misinformed or simply trying to get you to line his/she pocket with a needless refinance.

If you do wish to refinance and that home is still your primary residence until your marriage and move, you can still refinance via a FHA streamline.
... more
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Fri Oct 9, 2009
Matthew Tetloff answered:
No not all loans come with a prepayment clause. Every state has a limit on what can be charged as a prepayment, check with your state. I have seen many different forms of prepayment penalities ranging from 1 to 5%, 6 months of interest, etc. Lending Institutions use prepayment clauses to usually keep the loan in house to avoid losing the interest they make on the loans. FHA loans usually will not have a prepayment penality but if refinancing from a FHA loan to some other loan or maybe an FHA loan again, they do make the payoff of the 1st mortgage payable till the end of the month regardless what day you close on. Prepayment Penalities are usually a choice. Banks will usually give you a slighter lower interest rate if you have a prepayment penality, and slightly higher if you don't. I do not recommend prepayment penalities and find that rates are pretty low right now so it wouldn't be an advantage. I would reccommend staying away from them. Good luck and have a great day! ... more
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Mon Sep 28, 2009
Daniel Castagna answered:
Jim,

I wouldn't mind reveiwing your situation to see what can be done, but why did Wells Fargo reject your loan? Was it because your wife lost her income and the debt ratios are too high? Did they not like the appraisal. A little more information would be helpful. You can reach me at 800-793-9633 ext 185 or email at dcastagna@emmloans.com. I look forward to your response.

Danny
... more
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Fri Aug 14, 2009
Fran and Mark Redding answered:
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Fri Dec 5, 2008
Lori Lewis answered:
When borrowers have been deeded to title less than 12 months and there was not a bona-fide sale (no sales price in the case of a gift or inheritance, etc.), new FHA refinance loan is limited to 75% of appraised value. You Must document no sale took place.

Good Luck!
... more
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Tue Dec 2, 2008
Marty S answered:
I work with a federally chartered credit union, and I would love to help with your mortgage needs. Email me, and let's discuss!

MSmith@PrecisionFundingUSA.com



I am On Line now! ... more
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Sun Nov 30, 2008
Lori Lewis answered:
If its a purchase you can't roll in closing costs. The loan amount is based on the appraised value or the purchase price, which ever is lowest. (USDA loans have options to roll in closing costs)

On a refi, most of the time you roll in the costs, as long as you have equity. Being a mortgage broker for close to 12 years I have only seen a few folks pay it out of their pockets.

The best option on a purchase is to ask for the full seller assist.
... more
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