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re: Is there a cap to how much an FHA loan can be?
Posted on 5/10/16 at 6:18 pm to bee Rye
Posted on 5/10/16 at 6:18 pm to bee Rye
quote:
so theoretically, if I could get approved for that amount and be able to pay the difference down, it would be doable?
Yup!
ETA: Nevermind, I looked it up and in BR the max FHA loan amount is only $271,050. OUCH!
ETA2: Same in N.O.
This post was edited on 5/10/16 at 6:22 pm
1
Posted on 5/10/16 at 6:25 pm to lsu480
quote:you saying that you can't get an fha loan for more than that? That cancels out nearly every home in non ghetto NOLA
$271,050
Posted on 5/10/16 at 6:30 pm to bee Rye
I have heard of a bridge loan but know nothing about said loan.
Posted on 5/10/16 at 6:30 pm to bee Rye
Would getting a home equity loan to pay a larger percentage of a down payment and getting a conventional loan be an option? Or would that mess up my debt to income ratio too much?
Posted on 5/10/16 at 6:33 pm to Red Stick Tigress
quote:intradesting, that seems like it would be perfect at face value. I need to read up on that
I have heard of a bridge loan but know nothing about said loan.
Posted on 5/10/16 at 6:39 pm to bee Rye
Live in Nola and had this exact situation a couple months back. You are right, a contingent offer will get you nowhere in this market.
First thing is talk to a mortgage guy to see if you can qualify for both mortgages and see what your down payment and closing costs will be on the mortgage.
We were able to handle all those. Made an offer on house with 60 day close. Got under contract. Immediately put our existing home on market, were under contract in 8 days with a 30 day close. So it all worked out perfectly.
First thing is talk to a mortgage guy to see if you can qualify for both mortgages and see what your down payment and closing costs will be on the mortgage.
We were able to handle all those. Made an offer on house with 60 day close. Got under contract. Immediately put our existing home on market, were under contract in 8 days with a 30 day close. So it all worked out perfectly.
Posted on 5/10/16 at 6:45 pm to bee Rye
FHA is for primary residence only .
If you have one FHA loan already, you can't get the second house on it without selling the first.
Further, why do you want FHA v. Conventional?
If you have one FHA loan already, you can't get the second house on it without selling the first.
Further, why do you want FHA v. Conventional?
Posted on 5/10/16 at 6:51 pm to East Coast Band
My current loan is conventional, I have never had an fha. I am only curious about fha because I heard you can put down less on them, and if I want to try and scoop this house up before its gone, and I wouldn't be able to put down a substantial down payment without selling my current home first. The concern is that even if my home sells quickly, the closing process would still take too long to get the new house before its gone
Posted on 5/10/16 at 7:16 pm to bee Rye
quote:
My current loan is conventional, I have never had an fha. I am only curious about fha because I heard you can put down less on them
I think the rules are getting lax again (see housing bust of late 2000's), such as low down payments, so there aren't as many, if any, advantages to an FHA loans.
Posted on 5/11/16 at 6:16 am to bee Rye
Then also factor in the cost of refi as well
Posted on 5/11/16 at 6:22 am to bee Rye
quote:
FHA loan limit
In LA, $271,050
Posted on 5/11/16 at 6:52 am to bee Rye
quote:
My current loan is conventional, I have never had an fha. I am only curious about fha because I heard you can put down less on them, and if I want to try and scoop this house up before its gone, and I wouldn't be able to put down a substantial down payment without selling my current home first. The concern is that even if my home sells quickly, the closing process would still take too long to get the new house before its gone
talk to a loan officer. Closing on a conventional 95/5 this week. Bridge is always option if equity is in our current home.
Not licensed agent in La but i've worked a few transactons there, I think a option would be approach the agent and ask him/her if you wrote an offer contingent on the sale of your home and hired the listing agent of home you wish to buy to list your home, if that would give you leverage even with the contingency. The agent gets 2 transactions out of the process, you get financial peace of mind not to extend past your comfort zone. It may cost you a little bit but so will HELOC's, Bridge Loans, etc...
Posted on 5/11/16 at 7:15 am to bee Rye
Yeah, anything above 417k is considered a jumbo loan.
Posted on 5/11/16 at 7:20 am to bee Rye
Was in a similar situation last Summer when the wife and I found one we really liked. We ended up just doing a conventional 95/5 on the new place and then decided to rent out the old place (close to LSU, rented really fast) as an income property. As long as your financials are in order (I'm sure yours are) you should be approved. Then either sell and refinance to dump the PMI, or hold both and rent the old place out. Or turn it into a AirBnB property to frick with your neighbors.
Posted on 5/11/16 at 7:57 am to bee Rye
With interest rates around 4% why would you tie up your money paying down a loan any more than 20% to get out of pmi?
I just moved and had a good bit more than the 20% I needed for the new house. I'm putting it into an investment property that will return more than 4%.
I just moved and had a good bit more than the 20% I needed for the new house. I'm putting it into an investment property that will return more than 4%.
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