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Financing in Milwaukee : Real Estate Advice

  • All327
  • Local Info34
  • Home Buying121
  • Home Selling23
  • Market Conditions9

Activity 24
Robin Silver…, Real Estate Pro in Garden City, NY
Tue Apr 13, 2010
Robin Silverberg answered:
Donna and Dick, you are slightly incorrect here. The upfront MIP did you up, and it went up to 2.25%. However, the monthly MIP is lower than what PMI would be if you are anything over 85% financing, so when you say their MIP is higher, that is a bit misleading. There is no up-front PMI on a conventional loan.
Other than that, the answers you have received are correct.
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Matt Taylor,  in North Carolina
Mon Apr 12, 2010
Matt Taylor answered:
I sure hope not. The purchase process is slowing daily as it is with the new RESPA and HVCC regulations. Additional liability put on the loan commitment would put us at 60 day closings minimum.

I agree with you that the process is flawed and would like to see Realtors/sellers/buyers/lenders all be on the same page. But, unfortunatley you still have agents and sellers out there pressing for 10 day closes. Everyone needs to be more realistic.
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Person,  in 94546
Fri Mar 5, 2010
Person answered:
Thank you everyone. I'll be calling your suggestions in the next few days to see what they can do. I've heard similar things here in Philadelphia about use of my wife's trailing income. Therefore, we might try to get a contract for her job in the next few weeks if her potential employers agree. I've also been advised by most people that FHA is not a good fit for us with our >740 FICO scores and decent sized downpayment so we'll see how the regular conventional path goes. ... more
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Gene Turner,  in Wisconsin
Thu Feb 25, 2010
Gene Turner answered:
Hi Andy I am working on a streamline 203k right now. There are additional fees involved and every deal is different. I suggest getting more claification from the person that provided the loan estimate or myself and make sure what is actually included with the costs. the UFMIP can be financed as in most cases with FHA . Looks like you would be financing around 60k including rehab costs. Be glad to help you look at the information. ... more
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