FHA insurance cost

[AK]

[quote=propertysearchaddiction]Who is giving you this info? You do not need to go FHA if you have 10% down. That is a total waste of you money because you are going to pay PMI and an upfront PMI fee.
You can go conventional with 10% down as long as you are under the $417,000 which you are!!!
PMI will be about $200 extra month. Your closing costs will be about $4,000 for a conventional and about $12,000 if you go FHA.[/quote]

You’ll still need PMI at 10% down, and for any conventional loan with LTV > 80%. If your credit is merely “good” and not “immaculate” FHA might be the better deal. Plus there’s a big difference between 3.5% and 10% … and these are crazy times, liquidity is important 🙂

Single-premium mortgage insurance is another option … I think you’ll end up paying at least 3% up front on top of 10% down, but no monthly premiums after that … but I’ll leave the detailed analysis to the mortgage experts.

Sometimes I really wonder about sellers’ thought processes … but if I were a seller, I’d give a strong FHA offer the same consideration as a 10% down conventional offer. FHA will insure any eligible property that passes inspection and appraisal, while from what I’ve seen, mortgage insurers have complex and bizarre underwriting rules that put even lenders to shame.

[temeculaguy]

[quote=Mortgage Mentor]Here is a link to my site: http://www.YourFhaGuru.com for everything you ever wanted to know about FHA.

Bill[/quote]

This is a faux paus, it’s not a yellow card ejection, not even a 15 yard unsportsmanlike penaly, just a friendly warning that 5 day members wont be taken seriously if their third post ever contains a link to their “for profit” website, service or business.

While facts are welcome, expert opinion and frontline reports are encouraged, marketing is frowned upon, especially for new members.

Welcome to the site, bill, your opinion and input may be valuable, but no more links to your site until you’ve put in some time and some heavy lifting. It’s mostly for your benefit, this is a rough crowd and not one to market to without thinking about it, if you so much as charge a piggy $50 more than someone else would, there will be hundreds of posts and threads about it, and your future non-piggington clients will easily find it using google and your name or website name. These guys will write three pages of posts about a $10 charge from the cable company that they feel was unwarranted. We are the “fine print readers” and we can be more trouble than we are worth.

[temeculaguy]

[quote=Mortgage Mentor]Here is a link to my site: http://www.YourFhaGuru.com for everything you ever wanted to know about FHA.

Bill[/quote]

This is a faux paus, it’s not a yellow card ejection, not even a 15 yard unsportsmanlike penaly, just a friendly warning that 5 day members wont be taken seriously if their third post ever contains a link to their “for profit” website, service or business.

While facts are welcome, expert opinion and frontline reports are encouraged, marketing is frowned upon, especially for new members.

Welcome to the site, bill, your opinion and input may be valuable, but no more links to your site until you’ve put in some time and some heavy lifting. It’s mostly for your benefit, this is a rough crowd and not one to market to without thinking about it, if you so much as charge a piggy $50 more than someone else would, there will be hundreds of posts and threads about it, and your future non-piggington clients will easily find it using google and your name or website name. These guys will write three pages of posts about a $10 charge from the cable company that they feel was unwarranted. We are the “fine print readers” and we can be more trouble than we are worth.

[temeculaguy]

[quote=Mortgage Mentor]Here is a link to my site: http://www.YourFhaGuru.com for everything you ever wanted to know about FHA.

Bill[/quote]

This is a faux paus, it’s not a yellow card ejection, not even a 15 yard unsportsmanlike penaly, just a friendly warning that 5 day members wont be taken seriously if their third post ever contains a link to their “for profit” website, service or business.

While facts are welcome, expert opinion and frontline reports are encouraged, marketing is frowned upon, especially for new members.

Welcome to the site, bill, your opinion and input may be valuable, but no more links to your site until you’ve put in some time and some heavy lifting. It’s mostly for your benefit, this is a rough crowd and not one to market to without thinking about it, if you so much as charge a piggy $50 more than someone else would, there will be hundreds of posts and threads about it, and your future non-piggington clients will easily find it using google and your name or website name. These guys will write three pages of posts about a $10 charge from the cable company that they feel was unwarranted. We are the “fine print readers” and we can be more trouble than we are worth.

[temeculaguy]

[quote=Mortgage Mentor]Here is a link to my site: http://www.YourFhaGuru.com for everything you ever wanted to know about FHA.

Bill[/quote]

This is a faux paus, it’s not a yellow card ejection, not even a 15 yard unsportsmanlike penaly, just a friendly warning that 5 day members wont be taken seriously if their third post ever contains a link to their “for profit” website, service or business.

While facts are welcome, expert opinion and frontline reports are encouraged, marketing is frowned upon, especially for new members.

Welcome to the site, bill, your opinion and input may be valuable, but no more links to your site until you’ve put in some time and some heavy lifting. It’s mostly for your benefit, this is a rough crowd and not one to market to without thinking about it, if you so much as charge a piggy $50 more than someone else would, there will be hundreds of posts and threads about it, and your future non-piggington clients will easily find it using google and your name or website name. These guys will write three pages of posts about a $10 charge from the cable company that they feel was unwarranted. We are the “fine print readers” and we can be more trouble than we are worth.

[temeculaguy]

[quote=Mortgage Mentor]Here is a link to my site: http://www.YourFhaGuru.com for everything you ever wanted to know about FHA.

Bill[/quote]

This is a faux paus, it’s not a yellow card ejection, not even a 15 yard unsportsmanlike penaly, just a friendly warning that 5 day members wont be taken seriously if their third post ever contains a link to their “for profit” website, service or business.

While facts are welcome, expert opinion and frontline reports are encouraged, marketing is frowned upon, especially for new members.

Welcome to the site, bill, your opinion and input may be valuable, but no more links to your site until you’ve put in some time and some heavy lifting. It’s mostly for your benefit, this is a rough crowd and not one to market to without thinking about it, if you so much as charge a piggy $50 more than someone else would, there will be hundreds of posts and threads about it, and your future non-piggington clients will easily find it using google and your name or website name. These guys will write three pages of posts about a $10 charge from the cable company that they feel was unwarranted. We are the “fine print readers” and we can be more trouble than we are worth.

[an]

Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?

[an]

Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?

[an]

Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?

[an]

Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?

[an]

Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?

[BGinRB]

[quote=AN]Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?[/quote]

APR on 5.125% FHA interest loan through aimloan.com is over 5.5%.

[BGinRB]

[quote=AN]Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?[/quote]

APR on 5.125% FHA interest loan through aimloan.com is over 5.5%.

[BGinRB]

[quote=AN]Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?[/quote]

APR on 5.125% FHA interest loan through aimloan.com is over 5.5%.

[BGinRB]

[quote=AN]Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?[/quote]

APR on 5.125% FHA interest loan through aimloan.com is over 5.5%.

[Author]

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