I have agreed to buy a home for $320, 000 in California and the realtor's broker gave us an FHA rate of 4. 75%. Our closing date is 3/5/19. Just to make sure I am not getting ripped off by the broker, I searched around and New American funding is offering 4% rate. which was formerly e rates with a bunch of not so great reviews is offering me 3. 875% with $78 worth of points. Here is the loan estimate Loan Amount $314, 204 Interest Rate 3. 875% P&I $1, 477. 50 Mortgage Insurance $217 Estimated Escrow $417 Total $2112 Estimated closing costs $12, 514 There is a note that reads "before closing, your interest rate, points, and lender credits can change unless you lock the interest rate. All other estimated closing costs expire on 2/20/19 at 5pm PST" The rate locked box is checked so it is locked in until 3/22/19. We really like this house and don't want to sabotage our chances of getting it. What do you guys think? The New American Funding payment was going to be $2142. 01 so I would be saving $30 a month by going with
Fuck this. level 1 He cancelled the. 25 drop from my understanding. PMI is what funds the program for FHA to function. America wants the program to function I see it as a good thing.. I just purchased my home from Fanie Mae with FHA. Did the 3. 5% down and paid off a vehicle loan. level 1 What is the benefit of this cut? Does it enrich the Insurance Companies? level 2 The FHA is the insurer. The agency says they are above their targets, so they can lower rates. This was announced a few weeks ago. Ben Carson, who is nominated to be a the next HUD Secretary, was not consulted regarding this matter. It seems that rather than step on the new administration's toes, they halted the recently announced increase so the new administration could do their own review. It's all pretty normal in the transition of power. level 1 This is a terrific thing for people looking to buy a house! House prices will simply drop to cover the increased cost of borrowing.
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"That's down significantly from 33 percent back at the top of the market in 2006, and is still below the average of 26 percent we saw in the more stable years before the housing bubble. " Graboske warned that affordability could go down soon though as home prices continue to appreciate and mortgage interest rates start an upward climb. "Right now, both Hawaii and Washington D. C. are already less affordable than they were during the pre-bubble era, " he commented. " And within two years, if prices continue to grow and rate rise by at least 50 basis points, another 8 states would be less affordable than before the bubble within 12 months. There is some reason to believe home prices will not continue to appreciate at their current rate. As rates rise, many buyers will be priced out of the market unless prices make a slower climb. more Mortgage Rates Fall to 3-Month Low Foreclosure Inventory Falls to 8-Year Low Mortgage Rates Follow Stock Market Down Check Local Mortgage Rates Today's Average 0.
6 Posted by Agent -- Retired 3 years ago Archived 2 comments 80% Upvoted This thread is archived New comments cannot be posted and votes cannot be cast Sort by level 1 3 years ago An FHA appraisal also sticks with the property for a 6 month period. 1 level 1 3 years ago FHA: The new subprime! Default rates on FHA loans in my market are waaaaaaay higher than conventional and VA. 1 More posts from the RealEstate community Continue browsing in r/RealEstate r/RealEstate real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure 253k Members 2. 3k Online Created Jun 11, 2008 Top posts june 6th 2017 Top posts of june, 2017 Top posts 2017 help Reddit App Reddit coins Reddit premium Reddit gifts about careers press advertise blog Terms Content policy Privacy policy Mod policy Reddit Inc © 2021. All rights reserved
From the article: If the planned reductions went into effect, borrowers who put down less than 5% on a $600, 000, 30-year mortgage would have saved $1, 500 a year. The Obama administration estimated that new FHA borrowers across the nation would have saved an average of $500 a year. I have two thoughts on this. First, that I'm not sure we should have FHA loans especially first time buyers for $600k homes and that the limit would only be 5%. Seems very close to the kind of lending that got us into this trouble in the first place - even if the financial position of the HUD is in better shape. It seems like this would be the realm of private banks who could charge appropriate interest rates to offset this risk, not a loan subsidized by the government. Second, mortgage insurance is tax deductible, so I'm curious if this $500 is straight out of pocket, or if it is the savings after you deduct it.
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Image Transcription: Text Convo today with Lily: Lily: Mom do you have enough money in the bank to buy me a house? Me: Why in the world would I buy a house. Lily: If you don't have enough money, how much can you put down? How much did you put down when you bought our old house? Me: Lily, you are 7. Are you reading the Wall Street Journal on your iPhone or something. Lily: NO, TV. Do you know your credit score, you can find out at Silence.... Lily: I will take your silence as a no. It's ok. I have tons of grandparents. I will just ask each of them for money. Don't tell them my plan. Pinky Promise. I'm a human volunteer content transcriber for Reddit and you could be too! If you'd like more information on what we do and why we do it, click here!
I've tried to do plenty of research, but unfortunately this is just an area I'm not very comfortable with, so any suggestions or advice would be very much appreciated. Edit: added some details.
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