FHA Home Mortgage Loan Interest Rates

4 Responses to “Is an FHA refinance good when i have a really good credit but the value of the house is low?”

1. Arbor Mortgage says:

   December 24, 2009 at 9:03 am

   Yes, it’s a very excellent loan for that. The PMI on an FHA loan is much lower than a conventional loan. So, if your value is low and your loan amount is high, it is certainly the right loan product for you. On that size loan amount for FHA, the PMI is $115 per month. If you did a conventional loan with that loan amount and appraised value, the PMI would roughly twice that. I would go for that deal.
2. mynewkeys.com home loans by Cal says:

   December 24, 2009 at 9:20 am

   YES… thats $260 a month!!!! Makes perfect sense to me! BUT, you should be able to get lower than 5.25% check around… BofA is NOT the best all the time….
3. Big daddy says:

   December 24, 2009 at 9:44 am

   This all sounds excellent, but there are two things to consider here. One, the cost of the upfront pmi, this will be a hefty charge for you, this is usually anywhere from .75-1.75% of the loan amount. More importantly is the appraisal, FHA appraisals are must more stringent than conventional, do not be shocked if the home does not appraise for what you believe it can. Next, there are rumbings that the PMI companies are starting to dispute lender appraisals and deny coverage. Usually with FHA, the appraisal and Mi issues are the largest hurdles, one you clear that, you should be excellent to go. If you can, push to close this year so you can write off the upfront pmi for next years taxes
4. Loveth Fisher says:

   December 24, 2009 at 10:13 am

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   I’m posting this information to whoever is in need of loan for establishment and other purpose, someone Mr Johnson Fred Joe referred me to Mr Charles Bricks, I thought it was a joke, I contacted Mr Charls Bricks and he processed my application and helped me out.
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   I have to also add that there are much security questions before they could approve my loan, they said due to so many terrible customers.
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   Endeavour to inform him that I Loveth Fisher referred you.

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