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  • December 17, 2008 at 1:47 PM #14646
    Scarlett
    Participant

    I’d rather put only 5% down, or at most 10% for a SFH in the 500-600K range in PQ. If I take a FHA loan, what’s the catch, assuming the property qualifies for it and passes all the inspections? I am sure it’s not exactly ‘free’, probably forces a re-fi, or something, true?

    (BTW, we have excellent credit scores >720, total income 170K and no debts). HLS, would it be more advantageous to get a 30yr fixed loan for LTV 90-95 (with PMI of course)?

    Thank you guys and gals!!!

    December 17, 2008 at 7:49 PM #317217
    HLS
    Participant

    You will pay 1.75% up front fee for an FHA loan.
    $8750 for a $500K loan.
    You have mandatory mortgage insurance for at least 5 years, regardless of LTV.

    With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.

    For FNMA.
    Max loan amount $546,250 in SD county.

    You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
    >HLS

    December 17, 2008 at 7:49 PM #317707
    HLS
    Participant

    You will pay 1.75% up front fee for an FHA loan.
    $8750 for a $500K loan.
    You have mandatory mortgage insurance for at least 5 years, regardless of LTV.

    With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.

    For FNMA.
    Max loan amount $546,250 in SD county.

    You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
    >HLS

    December 17, 2008 at 7:49 PM #317567
    HLS
    Participant

    You will pay 1.75% up front fee for an FHA loan.
    $8750 for a $500K loan.
    You have mandatory mortgage insurance for at least 5 years, regardless of LTV.

    With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.

    For FNMA.
    Max loan amount $546,250 in SD county.

    You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
    >HLS

    December 17, 2008 at 7:49 PM #317633
    HLS
    Participant

    You will pay 1.75% up front fee for an FHA loan.
    $8750 for a $500K loan.
    You have mandatory mortgage insurance for at least 5 years, regardless of LTV.

    With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.

    For FNMA.
    Max loan amount $546,250 in SD county.

    You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
    >HLS

    December 17, 2008 at 7:49 PM #317610
    HLS
    Participant

    You will pay 1.75% up front fee for an FHA loan.
    $8750 for a $500K loan.
    You have mandatory mortgage insurance for at least 5 years, regardless of LTV.

    With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.

    For FNMA.
    Max loan amount $546,250 in SD county.

    You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
    >HLS

    December 17, 2008 at 10:52 PM #317765
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317689
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317668
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317624
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317273
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317629
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317673
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317278
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

    December 17, 2008 at 10:52 PM #317694
    Raybyrnes
    Participant

    HLS

    I think yo re referring to this.

    “Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday decision to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

    Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.”

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