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Raybyrnes.
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December 30, 2007 at 1:13 AM #11354December 30, 2007 at 3:05 AM #126337
temeculaguy
ParticipantIn 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.
My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.
When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”
Congrats on the new place.
December 30, 2007 at 3:05 AM #126496ParticipantIn 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.
My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.
When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”
Congrats on the new place.
December 30, 2007 at 3:05 AM #126507ParticipantIn 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.
My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.
When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”
Congrats on the new place.
December 30, 2007 at 3:05 AM #126574ParticipantIn 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.
My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.
When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”
Congrats on the new place.
December 30, 2007 at 3:05 AM #126600ParticipantIn 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.
My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.
When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”
Congrats on the new place.
December 31, 2007 at 3:22 PM #126957Anonymous
GuestThanks, TG.
December 31, 2007 at 3:22 PM #127118GuestThanks, TG.
December 31, 2007 at 3:22 PM #127126GuestThanks, TG.
December 31, 2007 at 3:22 PM #127195GuestThanks, TG.
December 31, 2007 at 3:22 PM #127219GuestThanks, TG.
December 31, 2007 at 3:52 PM #126998Raybyrnes
ParticipantBetter off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.
Make use of your California Tax dollars.
December 31, 2007 at 3:52 PM #127158ParticipantBetter off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.
Make use of your California Tax dollars.
December 31, 2007 at 3:52 PM #127166ParticipantBetter off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.
Make use of your California Tax dollars.
December 31, 2007 at 3:52 PM #127235ParticipantBetter off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.
Make use of your California Tax dollars.
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