Buying forecolsures ?

[miplank]

i am trying to buy a repod'd shotgun double in bywater now... getting a loan is much harder now than 2 years ago! no money down loans are impossible to find...PMI (private mortgage insurance) is mandatory for the first year unless more than 1/3 of the mortgage is covered by the down payment... friggin PMI is like $75 to 110 per month!

PMI has to be carried if you don't put atleast 20% down...if you put say 10% down you have to carry PMI until you've reached 20% in equity.

 

[EZ_E]

PMI has to be carried if you don't put atleast 20% down...if you put say 10% down you have to carry PMI until you've reached 20% in equity.

And FHA guidelines state that you have to pay 1% upfront AND a monthly PMI, regardless of good/bad credit or high/low LTV.

However you can purchase/refi up to 97% with an FHA loan

 

[miplank]

And FHA guidelines state that you have to pay 1% upfront AND a monthly PMI, regardless of good/bad credit or high/low LTV.

However you can purchase/refi up to 97% with an FHA loan

aren't FHA loans only for first time buyers?

 

[hog#head#cheese]

aren't FHA loans only for first time buyers?

Good ?,I already bought and sold a home fha.What about owner finance?

 

[miplank]

I'm pretty sure FHA is for first time buyers...i'm 26 and just sold my first house, and had a new one built (i spoil my wife) and I couldn't go w/FHA on the new mortgage. So I had to shell out big bucks for the down payment. LOL

 

[rnch]

PMI has to be carried if you don't put atleast 20% down...if you put say 10% down you have to carry PMI until you've reached 20% in equity.

does this vary from state to state? i've had 2 lenders tell me it is now 33 1/3% down payment.

 

[EZ_E]

I'm pretty sure FHA is for first time buyers...i'm 26 and just sold my first house, and had a new one built (i spoil my wife) and I couldn't go w/FHA on the new mortgage. So I had to shell out big bucks for the down payment. LOL

Nah, I did a ton of FHA refinances in 2008....

However, FHA is VERY stringent on income though. Your mortgage payment can't be more than 40% of your gross monthly income....