Forum Replies Created
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AuthorPosts
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HLS
ParticipantThe 2nd lien originally recorded against your property for $100K was probably never removed and is still there.
After review of your property, they are offering you up to $30K if you need it. Makes perfect sense.You can’t just “cancel” a loan. HELOCS are different than mortgages… HLS
ParticipantFHA is similar to assigned risk auto insurance. If you are willing to pay the costs involved they will do business with you…
FHA-FNMA etc were INTENDED to make housing affordable….Today FHA is keeping housing UNaffordable by allowing people to buy a home at an inflated price with a low down payment. It’s just a Ponzi/Madoff scheme for now.
If you want to speculate and are willing to walk away with little invested, I suppose FHA is an option, but it’s going to cost more than conventional financing.
If you are looking to buy a home to live in and aren’t speculating, with 10% down, IF you qualify, you can get a conventional loan. You can get seller credits on FHA OR FNMA. FHA is often for suckers who are buying a home they possibly can’t afford or those who don’t understand what they are doing.
With a decent credit score and 10%-20% down, I don’t think there is any reason to use FHA.
30 YR fixed rates closed yesterday at 4.75% with no points or as low as 4.375% with one point, about the lowest ever. 5YR-7YR ARMS are below 4% Qualifying is tougher than it has even been. With an additional cost the same rates are available on rental properties as well…HLS
ParticipantFHA is similar to assigned risk auto insurance. If you are willing to pay the costs involved they will do business with you…
FHA-FNMA etc were INTENDED to make housing affordable….Today FHA is keeping housing UNaffordable by allowing people to buy a home at an inflated price with a low down payment. It’s just a Ponzi/Madoff scheme for now.
If you want to speculate and are willing to walk away with little invested, I suppose FHA is an option, but it’s going to cost more than conventional financing.
If you are looking to buy a home to live in and aren’t speculating, with 10% down, IF you qualify, you can get a conventional loan. You can get seller credits on FHA OR FNMA. FHA is often for suckers who are buying a home they possibly can’t afford or those who don’t understand what they are doing.
With a decent credit score and 10%-20% down, I don’t think there is any reason to use FHA.
30 YR fixed rates closed yesterday at 4.75% with no points or as low as 4.375% with one point, about the lowest ever. 5YR-7YR ARMS are below 4% Qualifying is tougher than it has even been. With an additional cost the same rates are available on rental properties as well…HLS
ParticipantFHA is similar to assigned risk auto insurance. If you are willing to pay the costs involved they will do business with you…
FHA-FNMA etc were INTENDED to make housing affordable….Today FHA is keeping housing UNaffordable by allowing people to buy a home at an inflated price with a low down payment. It’s just a Ponzi/Madoff scheme for now.
If you want to speculate and are willing to walk away with little invested, I suppose FHA is an option, but it’s going to cost more than conventional financing.
If you are looking to buy a home to live in and aren’t speculating, with 10% down, IF you qualify, you can get a conventional loan. You can get seller credits on FHA OR FNMA. FHA is often for suckers who are buying a home they possibly can’t afford or those who don’t understand what they are doing.
With a decent credit score and 10%-20% down, I don’t think there is any reason to use FHA.
30 YR fixed rates closed yesterday at 4.75% with no points or as low as 4.375% with one point, about the lowest ever. 5YR-7YR ARMS are below 4% Qualifying is tougher than it has even been. With an additional cost the same rates are available on rental properties as well…HLS
ParticipantFHA is similar to assigned risk auto insurance. If you are willing to pay the costs involved they will do business with you…
FHA-FNMA etc were INTENDED to make housing affordable….Today FHA is keeping housing UNaffordable by allowing people to buy a home at an inflated price with a low down payment. It’s just a Ponzi/Madoff scheme for now.
If you want to speculate and are willing to walk away with little invested, I suppose FHA is an option, but it’s going to cost more than conventional financing.
If you are looking to buy a home to live in and aren’t speculating, with 10% down, IF you qualify, you can get a conventional loan. You can get seller credits on FHA OR FNMA. FHA is often for suckers who are buying a home they possibly can’t afford or those who don’t understand what they are doing.
With a decent credit score and 10%-20% down, I don’t think there is any reason to use FHA.
30 YR fixed rates closed yesterday at 4.75% with no points or as low as 4.375% with one point, about the lowest ever. 5YR-7YR ARMS are below 4% Qualifying is tougher than it has even been. With an additional cost the same rates are available on rental properties as well…HLS
ParticipantFHA is similar to assigned risk auto insurance. If you are willing to pay the costs involved they will do business with you…
FHA-FNMA etc were INTENDED to make housing affordable….Today FHA is keeping housing UNaffordable by allowing people to buy a home at an inflated price with a low down payment. It’s just a Ponzi/Madoff scheme for now.
If you want to speculate and are willing to walk away with little invested, I suppose FHA is an option, but it’s going to cost more than conventional financing.
If you are looking to buy a home to live in and aren’t speculating, with 10% down, IF you qualify, you can get a conventional loan. You can get seller credits on FHA OR FNMA. FHA is often for suckers who are buying a home they possibly can’t afford or those who don’t understand what they are doing.
With a decent credit score and 10%-20% down, I don’t think there is any reason to use FHA.
30 YR fixed rates closed yesterday at 4.75% with no points or as low as 4.375% with one point, about the lowest ever. 5YR-7YR ARMS are below 4% Qualifying is tougher than it has even been. With an additional cost the same rates are available on rental properties as well…HLS
ParticipantScaredy,,
If your loan is going to be above $417K and you dont want to do 10% down, FHA may be your only option…
A few months ago FNMA 5% down was available and was better than FHA for most. It now takes a decent credit score and 10% down to avoid FHA.
If loan amount is above $417K you need 15% down to avoid FHA. FHA is the new subprime, artificially keeping prices propped up.There are so many other factors to consider. Feel free to contact me directly if you want.
So many variables, it’s impossible to assume anything.
30 YR rates currently as low as 4.375%, 15 YR 4.00%, 7YR ARMS 3.625% %YR ARMS 3.375% even on rental properties!! About the lowest rates ever! , HLSParticipantScaredy,,
If your loan is going to be above $417K and you dont want to do 10% down, FHA may be your only option…
A few months ago FNMA 5% down was available and was better than FHA for most. It now takes a decent credit score and 10% down to avoid FHA.
If loan amount is above $417K you need 15% down to avoid FHA. FHA is the new subprime, artificially keeping prices propped up.There are so many other factors to consider. Feel free to contact me directly if you want.
So many variables, it’s impossible to assume anything.
30 YR rates currently as low as 4.375%, 15 YR 4.00%, 7YR ARMS 3.625% %YR ARMS 3.375% even on rental properties!! About the lowest rates ever! , HLSParticipantScaredy,,
If your loan is going to be above $417K and you dont want to do 10% down, FHA may be your only option…
A few months ago FNMA 5% down was available and was better than FHA for most. It now takes a decent credit score and 10% down to avoid FHA.
If loan amount is above $417K you need 15% down to avoid FHA. FHA is the new subprime, artificially keeping prices propped up.There are so many other factors to consider. Feel free to contact me directly if you want.
So many variables, it’s impossible to assume anything.
30 YR rates currently as low as 4.375%, 15 YR 4.00%, 7YR ARMS 3.625% %YR ARMS 3.375% even on rental properties!! About the lowest rates ever! , HLSParticipantScaredy,,
If your loan is going to be above $417K and you dont want to do 10% down, FHA may be your only option…
A few months ago FNMA 5% down was available and was better than FHA for most. It now takes a decent credit score and 10% down to avoid FHA.
If loan amount is above $417K you need 15% down to avoid FHA. FHA is the new subprime, artificially keeping prices propped up.There are so many other factors to consider. Feel free to contact me directly if you want.
So many variables, it’s impossible to assume anything.
30 YR rates currently as low as 4.375%, 15 YR 4.00%, 7YR ARMS 3.625% %YR ARMS 3.375% even on rental properties!! About the lowest rates ever! , HLSParticipantScaredy,,
If your loan is going to be above $417K and you dont want to do 10% down, FHA may be your only option…
A few months ago FNMA 5% down was available and was better than FHA for most. It now takes a decent credit score and 10% down to avoid FHA.
If loan amount is above $417K you need 15% down to avoid FHA. FHA is the new subprime, artificially keeping prices propped up.There are so many other factors to consider. Feel free to contact me directly if you want.
So many variables, it’s impossible to assume anything.
30 YR rates currently as low as 4.375%, 15 YR 4.00%, 7YR ARMS 3.625% %YR ARMS 3.375% even on rental properties!! About the lowest rates ever! , HLSParticipantI am not one to push anybody into buying a house, I have sent plenty of wanna-be borrower’s on their way telling them that they truly cannot afford a house.
When someone is educated enough to understand their risks and follow this website, I don’t think that they need to be lectured on whether or not they can afford it.
The fact is that over the last 75 years, MOST of the time buyer’s who stretched to buy their dream house ended up OK eventually. None of us know when/if this market will turn wildly in either direction. Everybody has an opinion. The OP wants to buy his dream house to actually LIVE IN and is not speculating on any appreciation. He doesn’t care about “the bottom”
Somebody with 30% DTI but lots of other debt, cars, boats, RV, credit card, etc is not in a much better position than someone with no other debt that wants to go to 50% DTI.
Without knowing AND understanding a buyer’s motivation/goals/income/assets/potential income it’s difficult to offer advice.
Assuming that one is determined to buy, my advice is to figure out a way to get the lowest rate and fixed payments that you possibly can, even if it means a 401K loan, credit card advance or another option that may not have been considered.
Falling for a no cost/no fee loan at time of historically low rates is pretty foolish in my opinion.. HLS
ParticipantI am not one to push anybody into buying a house, I have sent plenty of wanna-be borrower’s on their way telling them that they truly cannot afford a house.
When someone is educated enough to understand their risks and follow this website, I don’t think that they need to be lectured on whether or not they can afford it.
The fact is that over the last 75 years, MOST of the time buyer’s who stretched to buy their dream house ended up OK eventually. None of us know when/if this market will turn wildly in either direction. Everybody has an opinion. The OP wants to buy his dream house to actually LIVE IN and is not speculating on any appreciation. He doesn’t care about “the bottom”
Somebody with 30% DTI but lots of other debt, cars, boats, RV, credit card, etc is not in a much better position than someone with no other debt that wants to go to 50% DTI.
Without knowing AND understanding a buyer’s motivation/goals/income/assets/potential income it’s difficult to offer advice.
Assuming that one is determined to buy, my advice is to figure out a way to get the lowest rate and fixed payments that you possibly can, even if it means a 401K loan, credit card advance or another option that may not have been considered.
Falling for a no cost/no fee loan at time of historically low rates is pretty foolish in my opinion.. HLS
ParticipantI am not one to push anybody into buying a house, I have sent plenty of wanna-be borrower’s on their way telling them that they truly cannot afford a house.
When someone is educated enough to understand their risks and follow this website, I don’t think that they need to be lectured on whether or not they can afford it.
The fact is that over the last 75 years, MOST of the time buyer’s who stretched to buy their dream house ended up OK eventually. None of us know when/if this market will turn wildly in either direction. Everybody has an opinion. The OP wants to buy his dream house to actually LIVE IN and is not speculating on any appreciation. He doesn’t care about “the bottom”
Somebody with 30% DTI but lots of other debt, cars, boats, RV, credit card, etc is not in a much better position than someone with no other debt that wants to go to 50% DTI.
Without knowing AND understanding a buyer’s motivation/goals/income/assets/potential income it’s difficult to offer advice.
Assuming that one is determined to buy, my advice is to figure out a way to get the lowest rate and fixed payments that you possibly can, even if it means a 401K loan, credit card advance or another option that may not have been considered.
Falling for a no cost/no fee loan at time of historically low rates is pretty foolish in my opinion.. HLS
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