Comments for 203K Streamline Loan Contractors

Comment on How do I check daily FHA mortgage rates? by Matthew

Matthew — Fri, 17 Feb 2012 17:48:51 +0000

I disagree with the previous two answers. MOST rates on the internet are very misleading. Unless you understand the difference in rate and APR this will not be helpful to the average person. Also, many rates on the internet include points but the real question is how many. I recommend you shop several banks on the same day and get an estimate of the rates. This will help you determine who is comparable and who is out of the game. Just to give you an idea the average rate today on a FHA loan is 4.50-4.75%. 4.50% would be something most lenders charge additional points for. The 4.75% would traditionally be no points except for the traditional FHA charges. Under the new FHA program FHA charges 1.00% origination charge for the program. This is not a mortgage broker fee, it is a fee to FHA. I do agree with your current lender, he should not lock a rate until he has loan papers in hand. The reason is simple. Rates are quoted and locked based on the estimated time to close. Until your lender has loan papers he can not estimate how much time he needs for the rate lock. This is a KEY part of locking rates. I strongly recommend that you do NOT play the market for a better rate. Rates are showing strong signs of increasing. Most people in the industry are expecting a steady increase into the third quarter. Pick a lender you are comfortable with. trust there judgment and get your rate locked before they go up even further. I am not a mortgage lender, so the rates i quoted are based on my own research that i did today, however, I have a pretty good insight on this stuff. I hope this helps…

Comment on How To Buy Foreclosed Homes by Truemoderate

Truemoderate — Tue, 27 Dec 2011 20:47:37 +0000

I would NOT consider relocating to Florida with the Chinese drywall issues your state has.

Comment on How To Buy Foreclosed Homes by HIVINGVONNING

HIVINGVONNING — Tue, 27 Dec 2011 20:32:10 +0000

if i do the home staging, you sold, God bless. but if you sell with out HOME STAGING 101, you will not get what you are suppose to get.
sincere regards dear respected mortgage owner.

Comment on How To Buy Foreclosed Homes by Holly1981ify

Holly1981ify — Tue, 27 Dec 2011 20:20:39 +0000

Sounds like a steal…..

Comment on How To Buy Foreclosed Homes by squidheaven

squidheaven — Tue, 27 Dec 2011 19:40:02 +0000

hey mark. It was interesting seeing how guys operate!

Comment on How To Buy Foreclosed Homes by MsCasey78

MsCasey78 — Tue, 27 Dec 2011 19:09:06 +0000

Once you find a home you are interested in, go and inspect it carefully.

Comment on what requirements do u need to have to get a fha loan to buy a house? by Uduehi A

Uduehi A — Sat, 10 Dec 2011 13:11:42 +0000

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Comment on what requirements do u need to have to get a fha loan to buy a house? by Davis S

Davis S — Sat, 10 Dec 2011 12:29:14 +0000

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Comment on what requirements do u need to have to get a fha loan to buy a house? by kemperk

kemperk — Sat, 10 Dec 2011 11:44:54 +0000

succinctly; 20% down doesn’t hurt
exc credit
and a pre-approval letter.

and a signed purchase contract–now or later!

Comment on what requirements do u need to have to get a fha loan to buy a house? by ♥I am a MESS♥

♥I am a MESS♥ — Sat, 10 Dec 2011 11:43:00 +0000

Do you have the time??lol

This has been my husband’s and I nightmare for about a year now. First, your credit score should be above 600. My husband who’s here with me lol keep insisting you only need 585. So, good luck with that.

Anyway, we finally got a approval and a good interest rate with a score of 629. There is alot of red tape with a fha loan, but once you get it, it really is good.

If you are buying a foreclosure, a fha inspector has to come out and make sure the home is up to fha standards. If not, it will fail, and you have to keep it moving. The house cannot have major violations.

Another thing,FHA, will not allow you to do certain programs, like, escrow accounts with your own money, 203k’s to fix up your home are like pulling teeth, and down payment assistance.

Like I said, once you get through all the bullshyt, you will be fine. Good LUck and Happy House HUnting !!

Comment on Can you buy a mobile home with the 8000 first time home buyer credit? by Landlord

Landlord — Sat, 03 Dec 2011 15:07:43 +0000

You don’t have to own the land, I am not sure how that rumor got started, but it is incorrect.

Yes, mobile homes qualify for the credit, it is 10% of purchase price, up to 8k.

You either amend your income tax from last year after you close on the sale, or wait and claim it next year.

The money is not “toward the home”, as you have to buy the home first.

Comment on Can you buy a mobile home with the 8000 first time home buyer credit? by Arbor Mortgage

Arbor Mortgage — Sat, 03 Dec 2011 15:01:19 +0000

Yes, you can purchase a mobile home and receive the tax credit. After you close on the home you claim the purchase on your income taxes. If you’ve already processed your 2009 taxes, you can file an amendment to claim the tax credit.

Comment on Can you buy a mobile home with the 8000 first time home buyer credit? by reenzz

reenzz — Sat, 03 Dec 2011 14:03:53 +0000

You get the 8k or 10% of the purchase price AFTER you closing on the home….NOT before.

Comment on Is your lender participating with the FHA underwater mortgage refinance program? by Christopher

Christopher — Wed, 23 Nov 2011 05:13:39 +0000

The program is voluntary, so like all of the other modification programs, they sound great but fail to do any good. Also this “fha short refi” isnt available for GSE loans ie loans owned by freddie mac and fannie mae, which is 95% of the loans out there so without their participation this program is really just lip service meant to shut people up. Its too bad the media in this f’d up country is owned by the banks and doesn’t really report on anything of substance anymore. You can always strategic default which is what I’m doing. We have a 360k loan (no second on it) that is 220k underwater, its a pathetic situation. Our ltv is 205%, I didn’t even think that was possible!

Comment on FHA Streamline Refinance Exposed – Lower FHA Rates – Lower Payment by AngLovin

AngLovin — Wed, 16 Nov 2011 20:14:51 +0000

I think this was very informative. I found out more information about FHA loans that I never knew before. This was very helpful!!! Thank you!!! ADR

Comment on FHA Streamline Refinance Exposed – Lower FHA Rates – Lower Payment by mimi21217

mimi21217 — Wed, 16 Nov 2011 19:51:27 +0000

It was very informative and informational, i learned a lot and i will encourage others to watch and get informed. Very Helpful!

Comment on FHA Streamline Refinance Exposed – Lower FHA Rates – Lower Payment by j7elway2

j7elway2 — Wed, 16 Nov 2011 19:28:34 +0000

It is very educational and helpful wo

Comment on FHA Streamline Refinance Exposed – Lower FHA Rates – Lower Payment by ajfiasco

ajfiasco — Wed, 16 Nov 2011 18:43:23 +0000

very good info on how i can reduce my rate with this free program…

may have to look into this further…

thanks

Comment on FHA Streamline Refinance Exposed – Lower FHA Rates – Lower Payment by moni5272

moni5272 — Wed, 16 Nov 2011 18:05:12 +0000

Wow! Why didn’t I know this stuff. I have a FHA loan and my bank never told me about any of this. I feel that everyone should know this

Comment on FHA Streamline Refinance Exposed – Lower FHA Rates – Lower Payment by sharlow03

sharlow03 — Wed, 16 Nov 2011 17:45:25 +0000

This video was great! I cant not believe people including myself actually pay for closing cost. After listening to this I’m going to call! SMH