Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could place 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i place the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash?
I questioned this question once but mostly i got people trying to get me to contact them for loans. I dont need that. Only respond if you know the answer.
Nop I cant get a conforming right now. I could come upwith the 20 % but not enought credit. Please answer about the amount i should place on FHA loan. Would the 15 % count when i refinance to confroming to make 20 % or do i need to hold the money so i can have them for the conforming loan in about 6 months when i build up my credit.
I have no choice FHA is what i am getting right now. Please focus on the question I need to know about the % amount whether it is better for me to place down 15 % on the fha or should i place down 3 % and save the money for the conforming when i refinance. I would place 15 % if the money counts toward the refinance to conforming in the future to make 20 %. total after adding 5 %.
Do i need to have 20 % down when i refinance from FHA to Conforming and does the down amt from FHA counts?
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Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is ...
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ok here it is. Once you have an FHA note then you can streamline the note if rates drop and you will be given credit for a part of the upfront MIP that was not used. Next FHA requires not less than 3.5% down payment as of 1-1-09. You can place more down if you wish. That will not take off the monthly MIP. Now you do the MIP is a tax preference item and you can deduct the MIP just like you can PMI in a conforming loan. So once either you have paid down to less than 80% of the value or your home has increased in value and you get to less than 80% it makes no difference as to what loan you have. The rates are just slightly higher conforming vs FHA and the FHA MIP is based on credit scores now so the up front could be as high as 2%-a low of 1.5%. You can place as much down as you wish as yes you are getting equity. With that I as a loan officer would rather you have an emergency fund that is used only for the emergency's in life and then replaced if ever tapped into. When it comes time to refinance this note you may want to throw the cash at the pricipal at that time if you wish
Just my thoughts on the subject