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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]
Mon Jun 16, 2014 answered:
Tue May 18, 2010
Don Tepper answered:
Your concern is legitimate. And, in fact, that's occurring quite often.

Let's look at a simple example. Assume that a condo complex has 100 units. And assume that a few years ago, the condo fee was $100 per unit. That fee was enough to cover the maintenance, the management, and contributions to the reserve funds. So the condo complex had a balanced budget of $10,000 a month (100 units @ $100 each).

We'll assume there's no inflation. The costs have remained at $10,000 per month for the last few years.

However, let's assume that 20 of the units are no longer paying their HOA fees. In some cases, the owners have abandoned their properties. In other cases, they just can't afford to pay.

So, only 80 unit owners are paying their condo fees. That means that while the condo's costs are running $10,000 a month, it's only bringing in $8,000 a month (80 units @ $100). That situation is not sustainable. It'll soon run out of money. So it will raise the condo fees to $125 a month in order to bring in the needed $10,000.

As I say, that's happening a lot.

So, what do you do? First, you'll want to inspect the financials of a condo before buying in one. I don't know about your area, but where I am there's a requirement that the condo documents be provided to the potential buyer for his/her review, and the buyer can terminate the offer if the documents aren't acceptable. With the concern you laid out, you want to see what the condo's expenses and income are. You want to see how many and what percent of the condos are current on their condo fees. You want to make sure the condo still has reasonable reserves. Your Realtor can help you with all that.

There's also an issue when the percentage of units unoccupied or rented out exceeds some number. (I don't know what that is.) In those cases, it can become difficult or impossible to get financing to buy. The lenders are concerned about exactly the same thing you are: The long-term stability of the condo complex.

I don't know the San Bruno area. However, we do have areas like that around Northern Virginia. But the test for how desirable an area is--commuter-wise, areas of employment, etc.--is to look at foreclosures and occupancy rates. There are some areas in Northern Virginia that have barely been touched by the real estate downturn. And those are areas with easy commutes and good local employment. There are other areas that have been hard hit. Those typically are areas farther out and areas that really had over-inflated prices during the bubble. Those areas will recover, too, but it'll take awhile. A good local Realtor can tell you what the effect has been on San Bruno.

So, hopefully that's some frank, honest commentary. Your concerns are legitimate. You have to investigate the particular geographic areas and even the specific condo complexes to determine how much you really have to be concerned about.

Hope that helps.
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0 votes 1 answer Share Flag
Sun Mar 21, 2010
Dan Chase answered:
There are 2 different schools of thought on this.
1 summer buying season will start then so no difference will be seen. A stable market and prices.
2 buyers from the future have been brought back in time by the credit. Few qualified buyers will remain to buy. (I hold more to this side)

Almost everyone who wanted to buy has already done so. Greed is a powerful motivator. What incentive exists for those who have not bought yet? I only see the expectation of lower prices.

Look at the blog below. Hand says in his area very few buyers exist NOW. When the buyers credit goes away I would expect even fewer buyers.

I wrote a blog below on what I expect to happen when that happens. Take a look.

A lot of detail, several links. I think if you look at all of them you will get some ideas that will help you with your answer.
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0 votes 3 answers Share Flag
Tue Mar 16, 2010
Texas Banker answered:
Incorrect, if you have an escrow account to start with you will have an escrow account for the remainder of the loan, unless you pay it off or re-finance your loan down the road (there will be addtional closing cost in doing so).

Your best option will be to do this correctly in the first place.

On an FHA you cannot waive escrow however on a conventional you can.

If your current lender cannot set up the loan allowing you to waive escrow; I suggest you give me a call.

I will be glad to work with you and have the escrow waived. Call me today.

Best Regards,

Erik Konar
Mortgage Banker
Office: 281-583-0674 Fax: 713-400-8915
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0 votes 6 answers Share Flag
Tue Jul 27, 2010
Susan Botelho answered:
How much do the closing costs total? Call me if you would like a comparison - Sue Botelho, Waterstone Mortgage, Ft. Walton Beach, 850-797-7946. I can see what we could do to help you out. :) ... more
0 votes 6 answers Share Flag
Wed Aug 17, 2011
davidwbrower answered:
I sell bank owned property so I don't want to say it's probably not going to happen. But, it's probably not going to happen. There is always that exception that someone has a story about, but generally, banks price there homes aggressively. We do a lot of research in establishing asking price. Banks also have a percentage of list price they are wanting to get and it's way more than 55% of list price. Otherwise, they would list them lower. Depending upon the specific home and how long it's been on market, I would say not to get your hopes up. Either way, you should use an experienced REO agent to negotiate on your behalf. If I can help you further please contact me. ... more
0 votes 63 answers Share Flag
Fri Feb 19, 2010
Julie Smith-Coe answered:
A vacation home would normally only require a 10% down payment but a rental home is normally a 20-25% down payment. If you are going to co-sign for a family memeber, FHA is also a possibility at a 3.5% down payment. When speaking with your loan officer, be sure to give them all honest information. This not only protects them but protects you from possible problems in the future. ... more
0 votes 8 answers Share Flag
Sun Jan 24, 2010
Dan Chase answered:
A lot of wonderful things will happen as a result.

You will find people will not be able to buy a house with nothing down.
We will start to have real qualified buyers buying, not just anyone.
We will see the beginning of NO seller concessions for the next change.

That means house prices will come down and some governmental policies that are distorting the market will be removed.

Who could ask for more? Ok, I could, remove the artificial interest rates also. bring up fico scores to at least 700. Make people save for their down payment... We need those changes for the health of the country as a whole. We need a solid foundation under housing.
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0 votes 10 answers Share Flag
Fri Jan 22, 2010
Tony and Holly Galarza answered:
Well it really depends Trudy... keep an eye on association fees which can be high with condo's, check to see if the condo's were actually apartment flips (condo-conversions), etc...

If you would like to give me a call I can explain it in better detail, 407-497-7688.

Talk to you soon,
Tony Galarza
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0 votes 9 answers Share Flag
Mon Jan 25, 2010
Don Tepper answered:
Preforeclosure: A house heading into foreclosure. It may be a short sale. Or it just may be where someone has fallen behind on payments due to medical bills, job loss, or a hundred other reasons. There's no simple, clear definition of "preforeclosure," as opposed to "short sale" or "foreclosure." All it means is that if the situation doesn't change, it'll eventually end up in foreclosure.

True Info: You're correct. It can take months and months (I just heard a couple of stories today about short sales that took 6-9 months) for short sales or foreclosures to close. Further--and especially in the case of short sales--there's no assurance that you'll be successful even if you make an offer. I heard a couple examples just today of buyers making offers on short sales and then having the properties foreclosed on just a week or so before the scheduled short sale closing.

So your concern is well-placed. To pursue a short sale or foreclosure at this point is a real gamble. You might succeed. You might not.

Look for homes that aren't REOs or short sales. And, yes, there are some on the market. Look for estate sales, for instance.

Hope that helps.
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0 votes 13 answers Share Flag
Tue Jan 12, 2010
Ryan Sherman answered:
It's possible, I'd talk to someone who does FHA loans on a high volume consistent basis for the best of luck
0 votes 12 answers Share Flag
Wed Jan 6, 2010
Bentley Advisors answered:
Assuming you truly have $120k of documented income, have zero debt and a min qualifying credit score of 700, you might qualify for an $800k+ purch price. With your $200k down, the loan amount would be roughly $600k. ... more
0 votes 18 answers Share Flag
Tue Dec 29, 2009
John Bennett answered:
The bank will only buy in for $ 281,000 not a penny more.

With this in mind, I would suggest a offer below but near $ 281,000.

We are in a buyers market, in a declining market.

If you buy at $290,000 you would own a home worth less ($9,000) than you just paid at closing. Would you buy a car with a list price of $30,000 for $32,000? Might you try to buy it for less?

Suggest you find a local Realtor to help you buy a home. They should cost you nothing to little and they should know the ropes.

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0 votes 35 answers Share Flag
Mon Dec 28, 2009
Kathleen Lordbock answered:
I see prices still dropping and interest rates slowly rising. With the lender held shadow inventory being released at some point in time - yes, the market will reflect the flooding.
0 votes 12 answers Share Flag
Sun Oct 3, 2010
Jim Kimmons answered:
That depends on how bad your credit is. With the current housing crisis, the FHA has been a little more forgiving, but you'll pay a penalty in higher interest. The easiest thing to do is to contact a local Taos mortgage broker and get pre-qualified. There's no obligation or cost, and you'll get a rundown of what you can and cannot qualify for in our market.

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0 votes 10 answers Share Flag
Fri Jan 1, 2010
. answered:
Most loans are property specific. A pre-approval means that you most likely qualify for a loan under "normal" circumstances. However, the property itself must also qualify. So, you may or may not. The property that you apply for will need to undergo inspections and appraisals in most cases too. Unfortunately, there is no way to answer your question. You must find a property, actually apply for the loan on that property to find out for certain.

a sincere "best wishes" to you!
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0 votes 5 answers Share Flag
Thu Mar 21, 2013
James Baxter answered:
Hi Santarosa Buyer,
You should also consult with a local Realtor about down payments. Every market is different and just because FHA has 3.5% down loan, does not mean that is something home sellers are accepting. In the North San Diego area we are seeing 20-30 offers on homes in the first 5 days on the market. You will want to know what the marker activity is like in Santa Rosa so that you can structure your offer to get accept by the buyer.

As for the loan info everything Michael said is right on!
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0 votes 8 answers Share Flag
Tue May 24, 2011
Patrick Thies answered:
Couple of things here Dan. It's a very nice unit. 2 showings a month isn't very many showings though. It may just be that there is too much competition out there. Just within a 1/2 mile radius of you there are 66 units on the market between $300,000 and $500,000. 8 are under contract and 4 are priced higher than you are, so that means that 53 of them are priced lower than you are. Not all are 4 bedrooms most are 3 bedrooms and they are priced accordingly.

A 3 bedroom unit on the 3rd floor in your building sold this year for $375,500 at the beginning of the year. Another 3 bedroom on the 2nd floor sold for $341,500 in July. That would make your unit $75,000 to $100,000 higher for the extra bed and bath. You should figure about $15,000 for the extra bedroom and maybe $10,000 for the bath. $20,000 to $25,000 for it being a duplex. The fact that half your unit is in the lower level may also be a hindrance to some buyers. There has also been a depreciation in the market since you bought. You may not get what you paid for it a year ago.
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0 votes 39 answers Share Flag
Wed Jul 31, 2013
Derek Crew answered:
Generally 720 will qualify you. Anything below is considered high risk in this market. If your broker finds someone to qualify you still have to be approved which can ultimately really frustrate you, especially if you find a home you really like. You may have to put a larger percentage down.. ... more
0 votes 17 answers Share Flag
Tue Mar 3, 2015
George Wolfgang answered:
It will depend on how big of a mortgage you need. We can use retirement income so there is plenty of hope for you. Fill out the form below so I can pre-qualify you and I will call you to discuss your options. I look forward to helping you, take care. ... more
0 votes 20 answers Share Flag
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