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  • September 2, 2009 at 10:09 PM #16293
    jimmyle
    Participant

    Assuming I am buying a $450K home, with 10% down payment and interest rate is 5.5%. Borrowing $405K, the mortgage is $2,289. How much do I have to pay for the FHA insurance?

    Thanks,

    September 2, 2009 at 10:23 PM #452215
    [email protected]
    Participant

    Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

    If you are paying 5.50% you are paying to much.

    September 2, 2009 at 10:23 PM #452409
    [email protected]
    Participant

    Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

    If you are paying 5.50% you are paying to much.

    September 2, 2009 at 10:23 PM #452749
    [email protected]
    Participant

    Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

    If you are paying 5.50% you are paying to much.

    September 2, 2009 at 10:23 PM #452821
    [email protected]
    Participant

    Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

    If you are paying 5.50% you are paying to much.

    September 2, 2009 at 10:23 PM #453012
    [email protected]
    Participant

    Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

    If you are paying 5.50% you are paying to much.

    September 2, 2009 at 10:29 PM #452220
    temeculaguy
    Participant

    talk to hls, at 10%, fha might not be the most cost effective, at 3.5 or 5% it has more merits.

    There are two costs to fha PMI and they are unique to fha, there is upfront fee and a monthly.

    http://www.fha.com/mortgage_insurance.cfm

    1.5% upfront insurance premium and
    .5% annual premium paid monthly

    so 6k upfront and 2k per year or $170/mo on top of that.

    You can get the seller to pay the 6k as part of the deal and then you pay the $170 until you get to the required equity level.

    September 2, 2009 at 10:29 PM #452414
    temeculaguy
    Participant

    talk to hls, at 10%, fha might not be the most cost effective, at 3.5 or 5% it has more merits.

    There are two costs to fha PMI and they are unique to fha, there is upfront fee and a monthly.

    http://www.fha.com/mortgage_insurance.cfm

    1.5% upfront insurance premium and
    .5% annual premium paid monthly

    so 6k upfront and 2k per year or $170/mo on top of that.

    You can get the seller to pay the 6k as part of the deal and then you pay the $170 until you get to the required equity level.

    September 2, 2009 at 10:29 PM #452754
    temeculaguy
    Participant

    talk to hls, at 10%, fha might not be the most cost effective, at 3.5 or 5% it has more merits.

    There are two costs to fha PMI and they are unique to fha, there is upfront fee and a monthly.

    http://www.fha.com/mortgage_insurance.cfm

    1.5% upfront insurance premium and
    .5% annual premium paid monthly

    so 6k upfront and 2k per year or $170/mo on top of that.

    You can get the seller to pay the 6k as part of the deal and then you pay the $170 until you get to the required equity level.

    September 2, 2009 at 10:29 PM #452826
    temeculaguy
    Participant

    talk to hls, at 10%, fha might not be the most cost effective, at 3.5 or 5% it has more merits.

    There are two costs to fha PMI and they are unique to fha, there is upfront fee and a monthly.

    http://www.fha.com/mortgage_insurance.cfm

    1.5% upfront insurance premium and
    .5% annual premium paid monthly

    so 6k upfront and 2k per year or $170/mo on top of that.

    You can get the seller to pay the 6k as part of the deal and then you pay the $170 until you get to the required equity level.

    September 2, 2009 at 10:29 PM #453017
    temeculaguy
    Participant

    talk to hls, at 10%, fha might not be the most cost effective, at 3.5 or 5% it has more merits.

    There are two costs to fha PMI and they are unique to fha, there is upfront fee and a monthly.

    http://www.fha.com/mortgage_insurance.cfm

    1.5% upfront insurance premium and
    .5% annual premium paid monthly

    so 6k upfront and 2k per year or $170/mo on top of that.

    You can get the seller to pay the 6k as part of the deal and then you pay the $170 until you get to the required equity level.

    September 2, 2009 at 10:30 PM #452235
    jimmyle
    Participant

    The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

    Thanks,

    September 2, 2009 at 10:30 PM #452429
    jimmyle
    Participant

    The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

    Thanks,

    September 2, 2009 at 10:30 PM #452769
    jimmyle
    Participant

    The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

    Thanks,

    September 2, 2009 at 10:30 PM #452841
    jimmyle
    Participant

    The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

    Thanks,

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