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Fha Current Percentage Rates All Locations : Nationwide Real Estate Advice

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Showing results for Fha Current Percentage Rates [Clear search]
Laura Feghali, Real Estate Pro in Stamford, CT
Tue Nov 15, 2011
Laura Feghali answered:
Hello Home Buyer,
Not all mortgage brokers are of the clearing house type. A mortgage banker has a variety of lenders to select from, including banks, so that he can find you the best deal out there for you. Many of them can also do their own underwriting which expedites the process.

Hope that helps.

Good luck on your home purchase!

Laura Feghali
Prudential Connecticut Realty
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0 votes 15 answers Share Flag
Shane Milne, Real Estate Pro in South Jordan, UT
Wed Nov 16, 2011
Shane Milne answered:
After you purchase a home lenders usually want you to own the home for a certain amount of time, called "seasoning", before they will use an appraised value that was higher than your purchase price. Typically that seasoning period is 12 months. However keep in mind that Fannie Mae & Freddie Mac, who back the conforming loan programs that lenders make, do not have any seasoning requirements, so the time you must own your home will be solely determined by the mortgage lender you are applying with ("overlay" guidelines they are called).

However taking cash out of your home's equity is usually capped at 80-85% of your home's appraised value, not to 100% of your home's appraised value, so even when the new value can be used it may not be able to get you the cash out you are thinking.

However if you are looking to get funds to renovate a home you should look into purchase the home with an FHA 203(k) rehab loan or Fannie Mae HomeStyle renovation loan program. Both will finance the cost of improvements into your loan, assuming the "as completed" appraised value supports the funds you need to purchase + renovations.

Extensive info on FHA's 203(k) rehab loan:
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0 votes 8 answers Share Flag
Derek Gray, Real Estate Pro in Aliso Viejo, CA
Sat Feb 2, 2013
Derek Gray answered:
Hi Gloria,
If you'd like help with your purchase, give me a call. 949.464.7296. If you'd like a tenant, let me know what you have.
0 votes 18 answers Share Flag
Richard Schu…, Real Estate Pro in Los Angeles, CA
Sat Mar 24, 2012
Richard Schulman answered:
Things are moving and the market is active right now. I can't speak for your exact project, but if the prices are starting to high and not reducing far enough, they won't sell. If you send me your address, I can give you a better idea of whats going on. In general condos and other lower priced homes are the most active in today's market. You can sell your home!

Richard Schulman
#1 Listing and Selling Agent
Keller Williams Westside Realty
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0 votes 17 answers Share Flag
allan erps,A…, Real Estate Pro in Pearl River, NY
Wed Jun 12, 2013
allan erps,ABR,SFR answered:
Depends on your credit score, type of Mortgage, down payment amount, amount of years on the loan, etc
0 votes 17 answers Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Tue Jun 14, 2016
Don Tepper answered:
Depends on how you define a "flipper."

Wholesale deals (which isn't quite what you're describing): $5,000-$7,500, though it could be higher.

Deals in which the investor actually purchase the property, does some work on it, and then resells it: In the range of $20,000 or so. Anything less, and it's too risky--too much exposure, too much work, and not enough margin if things go wrong.

Hope that helps.
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0 votes 19 answers Share Flag
Veena Prakash, Real Estate Pro in NY,
Thu Jan 26, 2012
Veena Prakash answered:
Hi Amarilis

That would really depend on your location, budget and down payment and in the case of Co-ops you will need liquid assets post closing.

You should get pre-qualified by a Mortgage banker/broker so they can guide you and that will also determine which you can buy. If you wish to purchase mostly for investment then it should be a condo.

If you wish to discuss further please feel free to contact anytime at

All the Best in your search
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0 votes 33 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Tue Jun 4, 2013
Scott Godzyk answered:
Gine that depends how much you need the cash, how much you are paying for a intertest rate and how much will be needed for a down payment. You should seek advice from a financial planner or at least meet with a local and trusted loan officer, let them prequailfy you and assist you where your money is best placed. ... more
0 votes 10 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sat Oct 8, 2011
Anna M Brocco answered:
Not sure exactly as to what perks you are referring to; below are some links that may be helpful....
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0 votes 10 answers Share Flag
Sally Grenier, Real Estate Pro in Boulder, CO
Sun Jul 31, 2011
Sally Grenier answered:
Talk to your lender! You can usually drop the PMI after you have enough equity in the home and after a certain amount of time has passed. Your lender will be able to provide specifics.
0 votes 8 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sat Jul 16, 2011
Anna M Brocco answered:
Depends on the type of loan, FHA 3.5%; visit with any loan officer(s) to determine your loan eligibility and type...
0 votes 9 answers Share Flag
Frank Diaz, Real Estate Pro in Honolulu, HI
Sat Jun 25, 2011
Frank Diaz answered:
Aloha SB Buyer,

I'm not a loan officer, but given the steep drop in prices, I would think it wouldn't have any affect.
In the first quarter of 2011, the median price was $450,000. With the change in the loan limit, that still gives a buyer more than an additional 35% to work with. It doesn't look like the market has hit bottom yet, so I don't think it will affect condos at all. If it has any effect, it will be for a limited number of sales in Kula, Wailea, Kapalua and Kaanapali.

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0 votes 13 answers Share Flag
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tue Oct 16, 2012
Tim Moore answered:
Refinancing now might actually be a savings to you. You are going to need to speak to your lender about this because you will have to be approved and qualified to assume an fha loan.
0 votes 5 answers Share Flag
Melissa Krch…,  in Rancho Cucamonga, CA
Sat May 18, 2013
Melissa Krchnak answered:
I'm curious if you want to sell your mom's home or buy another home without selling it. If you decide to sell and buy a new home, it will be easier because your loan amount will be smaller so a bank is more likely to give you a loan. If you're looking at buying without selling, you'll have to prove you can maintain both mortgages. You'll be able to allow for a certain percentage of rents on one home but qualifying will be more difficult. I'd love to chat about this in more detail to give you specific advise. I'd also love to have you sit down with a Lender after we talked so he could give you an idea of what you can expect from whichever situation you're choosing. Hope you're having a great day and I hope to hear from you soon! ... more
0 votes 17 answers Share Flag
Tony McMahon, Real Estate Pro in WHITE PLAINS, MD
Thu Jan 19, 2012
Tony McMahon answered:
Doesn't matter if people can't qualify to take advantage of it.
0 votes 86 answers Share Flag
Scott McInto…, Real Estate Pro in Los Angeles, CA
Tue Mar 29, 2011
Scott McIntosh answered:
Yes you should definitely shop around for your loan to make sure you’re getting a competitive rate and terms. That interest rate sounds high to me. If you are not already, you should be working with a buyer’s agent to help purchase your home/condo and hopefully they work with some trustworthy lenders that they could recommend to you. I would be happy to recommend a couple lenders to you that you can call |direct lender and a mortgage broker|, so at the very least you have something to compare to. Feel free to email or call me and I will pass their information to you.

Click on my web reference website to get my contact info for me to pass along the info to you..
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0 votes 32 answers Share Flag
Kamerin Vince, Real Estate Pro in Corona, CA
Mon Mar 28, 2011
Kamerin Vince answered:
Right now there is a perfect storm with low interest rates and low prices, so if you can qualify for a loan or have the cash absolutley it is a great time to buy. Just realize that there are many others out there who have that mind set also so you need to get set-up on listing alerts and work with a local agent who can help you sort through the inventory and save you tons of time. ... more
0 votes 12 answers Share Flag
BG, Home Buyer in Phoenix, AZ
Fri Jun 1, 2012
BG answered:
Origination and Discount Points
Loan originators refer to points when charging costs for the loan. A point equals 1 percent of the loan amount. Origination points are a charge for obtaining the loan for the homeowner. Discount points are charged to buy the interest rate down for the life of the loan. Homeowners pay these fees to the loan originator or the lender as a cost of acquiring the loan.

Read more here:
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0 votes 6 answers Share Flag
First Last, Other/Just Looking in 90002
Sat Mar 12, 2011
First Last answered:
I was in a class recently where the instructor asked a room full of experienced NYC brokers, nearly all Manhattan based, how many of them had ever handled an FHA loan deal in their entire careers. No one raised their hands.

That obviously doesn't prove it never happens, but it does suggest that we do things differently here.

NYC area is a unique market and one of the many reasons is that there is just a lot of wealth here, spread out among a very large number of people. Sure there are wealthy enclaves in Texas and Beverly Hills, but the number of affluent people involved in those places is much smaller.

The proposed changes to Fannie, Freddie and the FHA may affect NYC, however. I think the most likely effect we'll see here is that the 30 year fixed interest rate mortgage will become harder or impossible to obtain from the name brand, street corner banks, or it will come with a hefty prepayment penalty. I think there will always be other lenders who will make fixed rate loans in NYC, but those loans are going to cost more. The typical mortgage from banks will become an adjustable rate mortgage (ARM).

The 30 year fixed rate mortgage, especially without a pre payment penalty, has always been a lousy deal for banks. (See the book "All the Devils Are Here" for an extended discussion of why this is so.) Because banks could sell those loans to Fannie/Freddie/GNMA, they were more willing to make them.

Potentially, if permitted by a law, new wholly private entities could step in to take on some of the functions of Fannie et al. After all, their stocks did well for a long time. The thing that was sick about Fannie and Freddie is that they carried an implied government guarantee of solvency, a halo, as they sold their stock, but not enough regulation to keep them out of toxic assets and responsible to the taxpayers--the ultimate source of that implied government guarantee. So we taxpayers are paying the price for that. A truly private equivalent making bad decisions would just go bankrupt and take their stockholders down with them, which is how the game is supposed to be played.

Karla Harby VP
Rutenberg Realty NYC
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0 votes 5 answers Share Flag
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