What is the catch with the FHA loans?

[Raybyrnes]

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.”

[Scarlett]

Thanks, HLS. Yes, that up front fee for FHA loan is quite a bit, and the rates are not usually competitive. I was surprised too, when the officer that did my first home loan suggested it (yes, I was a knife-catcher in 2004 -but he gave me the best deal in town at the time)…

I know I’d miss the lowest mortgage rates but we are still looking around at houses in PQ/CMR and haven’t yet decided to pull the trigger. A historically low rate is great, but a 15-20% drop in home values is better (for us)…if the rates don’t go up much!….if we don’t *have* to have 20% downpayment to get a decent loan!

I know, I know…If, if, if!!! Let me explain….I don’t care about being *that* close to the bottom, and I know the rates may go up significantly in the future, but I’d hate to be a knife-catcher again. Only by extremely fortunate timing we managed to get out with just a little loss at the end of summer 2007. It was nerve-wrecking, I can tell you…. that’s why we are still on the fence.

[Scarlett]

Thanks, HLS. Yes, that up front fee for FHA loan is quite a bit, and the rates are not usually competitive. I was surprised too, when the officer that did my first home loan suggested it (yes, I was a knife-catcher in 2004 -but he gave me the best deal in town at the time)…

I know I’d miss the lowest mortgage rates but we are still looking around at houses in PQ/CMR and haven’t yet decided to pull the trigger. A historically low rate is great, but a 15-20% drop in home values is better (for us)…if the rates don’t go up much!….if we don’t *have* to have 20% downpayment to get a decent loan!

I know, I know…If, if, if!!! Let me explain….I don’t care about being *that* close to the bottom, and I know the rates may go up significantly in the future, but I’d hate to be a knife-catcher again. Only by extremely fortunate timing we managed to get out with just a little loss at the end of summer 2007. It was nerve-wrecking, I can tell you…. that’s why we are still on the fence.

[Scarlett]

Thanks, HLS. Yes, that up front fee for FHA loan is quite a bit, and the rates are not usually competitive. I was surprised too, when the officer that did my first home loan suggested it (yes, I was a knife-catcher in 2004 -but he gave me the best deal in town at the time)…

I know I’d miss the lowest mortgage rates but we are still looking around at houses in PQ/CMR and haven’t yet decided to pull the trigger. A historically low rate is great, but a 15-20% drop in home values is better (for us)…if the rates don’t go up much!….if we don’t *have* to have 20% downpayment to get a decent loan!

I know, I know…If, if, if!!! Let me explain….I don’t care about being *that* close to the bottom, and I know the rates may go up significantly in the future, but I’d hate to be a knife-catcher again. Only by extremely fortunate timing we managed to get out with just a little loss at the end of summer 2007. It was nerve-wrecking, I can tell you…. that’s why we are still on the fence.

[Scarlett]

Thanks, HLS. Yes, that up front fee for FHA loan is quite a bit, and the rates are not usually competitive. I was surprised too, when the officer that did my first home loan suggested it (yes, I was a knife-catcher in 2004 -but he gave me the best deal in town at the time)…

I know I’d miss the lowest mortgage rates but we are still looking around at houses in PQ/CMR and haven’t yet decided to pull the trigger. A historically low rate is great, but a 15-20% drop in home values is better (for us)…if the rates don’t go up much!….if we don’t *have* to have 20% downpayment to get a decent loan!

I know, I know…If, if, if!!! Let me explain….I don’t care about being *that* close to the bottom, and I know the rates may go up significantly in the future, but I’d hate to be a knife-catcher again. Only by extremely fortunate timing we managed to get out with just a little loss at the end of summer 2007. It was nerve-wrecking, I can tell you…. that’s why we are still on the fence.

[Scarlett]

Thanks, HLS. Yes, that up front fee for FHA loan is quite a bit, and the rates are not usually competitive. I was surprised too, when the officer that did my first home loan suggested it (yes, I was a knife-catcher in 2004 -but he gave me the best deal in town at the time)…

I know I’d miss the lowest mortgage rates but we are still looking around at houses in PQ/CMR and haven’t yet decided to pull the trigger. A historically low rate is great, but a 15-20% drop in home values is better (for us)…if the rates don’t go up much!….if we don’t *have* to have 20% downpayment to get a decent loan!

I know, I know…If, if, if!!! Let me explain….I don’t care about being *that* close to the bottom, and I know the rates may go up significantly in the future, but I’d hate to be a knife-catcher again. Only by extremely fortunate timing we managed to get out with just a little loss at the end of summer 2007. It was nerve-wrecking, I can tell you…. that’s why we are still on the fence.

[Scarlett]

HLS, how is the PMI calculated for example for a 540K loan (600K purchase with 10% down)? FNMA for example.
thanks,
Scarlett

[Scarlett]

HLS, how is the PMI calculated for example for a 540K loan (600K purchase with 10% down)? FNMA for example.
thanks,
Scarlett

[Scarlett]

HLS, how is the PMI calculated for example for a 540K loan (600K purchase with 10% down)? FNMA for example.
thanks,
Scarlett

[Scarlett]

HLS, how is the PMI calculated for example for a 540K loan (600K purchase with 10% down)? FNMA for example.
thanks,
Scarlett

[Scarlett]

HLS, how is the PMI calculated for example for a 540K loan (600K purchase with 10% down)? FNMA for example.
thanks,
Scarlett

[j]

I believe there is no PMI on FHA loans.

[j]

I believe there is no PMI on FHA loans.

[j]

I believe there is no PMI on FHA loans.

[j]

I believe there is no PMI on FHA loans.

[Author]

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