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Joseph Fajardo
7 days ago
I need to refinance because the interest will go up in 5 years from now. The interest rate I am getting is a little higher than what I have now, but it's better to refinance. The principle balance is $210,200 and the house value at $313,000. I have a problem with the mortgage insurance. I don't think I should have to pay for insurance when my house has $100,000 in equity.
Best Answer:
What kind of mortgage do you have and what year did the loan close?
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Carla Palmer
7 days ago
My loan originated in 2005 and I have paid MIP for 12 years now. My home value, per taxes, is way more than my original loan amount and I owe about 79% of the original loan value.

How much longer do I have to pay the MIP?
Best Answer:
Bruce Reichstein answered a variation of this MIP question some time ago, here's the answer he gave:

"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case... (more)
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Ronald Jones
8 days ago
I purchased a service from direct buy shortly after which the store closed down. I stopped paying the loan. The loan company sold the loan and wrote it off. My credit score when from 648 to 611. Is there anything I can do to get my scores up in the next month or two?
Best Answer:
Credit takes time to repair. If you have late or missed payments on your credit record within 12 months of a mortgage loan application, you risk being turned down for credit, depending on the lender, circumstances, and the rest of your credit... (more)
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Mercy Croft
12 days ago
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion 664 and equifax 670. I have no other credit cards or financing of any kind. The only alternative credit line I have would be my electric bill. All other bills are in my daughters name. I don't even have things like a gym membership or netflix account, so the only alternative credit line period is my electric bill. I have no debts on my credit history.

Does it sound like I can qualify, for either a FHA or USDA loan?
Best Answer:
The most important thing to do with the credit you do have is to establish a record of 100% on-time payments. You might consider having one of your other bills put into your name, also. Qualifying for the loan will depend greatly on lender standards... (more)
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Delecia Cann
12 days ago
I live in a city that just experienced major flooding. Hence majority of the houses on the market has been flooded and gutted with no additional repairs. Which means as the perspective home buyer I will have to repair the entire house. I have been told by my realtor that although I have been pre-approved for an FHA mortgage loan, I will need an additional loan or funding to cover repairs for I could purchase. If I have already been pre-approved for a certain amount will FHA give me additional funding to make repairs, and how does that work?
Best Answer:
Talk to your lender about an FHA 203K or a 203h rehab loan. There is a "full" 203k and a "limited" 203k rehab loan, one of these may be right for your needs depending on the dollar amount and the extend of the repairs needed. Hope... (more)
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Joy Caudill
12 days ago
After 2013 as long as the LTV is high enough there is still an 11 year MIP. Is the LTV based on the loan amount calculated against the purchase price or the appraisal price? If qualified with a good enough LTV the annual MIP for 11 years is 80 bps (0.80%). Is this calculated on the original loan amount always or is it adjusted yearly based on the current principal balance? Basically, If I pay extra to reduce my principal will it lower my MIP yearly?
Best Answer:
The UFMIP and MIP are calculated based on the "base loan amount". Most FHA forward mortgage loans will require EITHER 11 years or the entire loan term of payments depending on the term of the loan and the LTV. FHA loan rules in HUD 4000.1... (more)
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If a county that opts out of the state's codes, and is therefore required to create their own codes, would that keep its citizens from obtaining an FHA loan (insurance)? Or would the decision of appraisal be up to the particular lender, rather than FHA? In other words does FHA have particular inspectors or codes that are required?
Best Answer:
The property would still be required to undergo an FHA appraisal by an FHA fee appraiser. According to HUD 4000.1, "The Appraiser must follow FHA guidance and comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when... (more)
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A Curious User
a month ago
Buying a home from my parents for $150,000 they have been gifting me equity, about $100,000. House is worth $250,000. Can $100.000 of gifted equity be use as down payment?
Best Answer:
What kind of loan are you applying for? Conventional? FHA? VA?
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Sheri Conrad
a month ago
Lender did not get two appraisals for flipped home. The second appraisal was done after closing and it was 24,000 less than the first appraisal, thus we were not able to negotiate another asking price. This also violates the 90 flip rule with FHA. The bank is claiming we refused a third appraisal which makes no sense. We have been asking for one for the past six months, and the bank ignored us until I reported them. I have written to consumer affairs who turned it over to FDIC and they said I have to file a complaint against the appraisers. Why is the bank allowed to get away with this?
Best Answer:
If a lender ordered an appraisal and the loan closed, but it later turned out the appraisal was faulty, it seems to me that the fault would seem to lie with the appraiser. A second appraisal, after the fact, not ordered by the lender that turns out... (more)
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Juan Castillo
a month ago
Loan origination date July 2009, loan amount 154,000, currently owe 129,000. Zillow appraisal estimate is 179,000. I have not done an appraisal yet though.
Best Answer:
Bruce Reichstein answered a variant of this common question a while back-here's his answer:

"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers... (more)
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