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Started By
Message
re: Question About PMI/Home Buying (Update on pg 3)
Posted on 4/10/13 at 1:26 pm to RidiculousHype
Posted on 4/10/13 at 1:26 pm to RidiculousHype
quote:some people just can't do it.
Don't pay PMI. Find a way to put down 20%
the housing market is picking up and rates are going to go up.
I'm going to go FHA on my next home and I don't mind because some of the houses I'm looking at went for almost 200k MORE 7 years ago, it's only a matter of time before it reaches that again
0
Posted on 4/10/13 at 1:29 pm to ZereauxSum
I do have an account on MyFico for $5 a month and they tell me my credit score every quarter. It says if I continue down the path I'm on, it will go up to 708-738 in 24 months.
I know what you mean. The homes that are $275000 are obviously brick homes closer to 2,000 sq feet. This is a old vinyl home that's been compeletly re-done in the last 3 years and my wife has made it very nice. We're 27 now and I'm having a hard time being patient. I want to get into our dream home that we'll stay at forever but I want to be smart about it.
quote:
If you are paying $625 per month for a 3 BR house I would remain there as long as humanly possible. That is an insanely good deal if comparable homes in your area sell for $275K.
I know what you mean. The homes that are $275000 are obviously brick homes closer to 2,000 sq feet. This is a old vinyl home that's been compeletly re-done in the last 3 years and my wife has made it very nice. We're 27 now and I'm having a hard time being patient. I want to get into our dream home that we'll stay at forever but I want to be smart about it.
Posted on 4/10/13 at 1:35 pm to LETSGEAUX2
275k with 20% down at 7% no PMI principal and interest is $1465/mo.
275k with 10% down at 3.5% with PMI principal and interest is $1233/mo.
PMI would be a non factor to me
275k with 10% down at 3.5% with PMI principal and interest is $1233/mo.
PMI would be a non factor to me
Posted on 4/10/13 at 1:37 pm to ItNeverRains
Are rates going to be jumping that high soon?
Posted on 4/10/13 at 3:06 pm to LETSGEAUX2
Nothing significant until after 2015 predict most economist. But there is a fear they could rise fast.
My point was more so based on historic rate averages, todays rates even with PMI are ridiculous.
My point was more so based on historic rate averages, todays rates even with PMI are ridiculous.
This post was edited on 4/10/13 at 3:12 pm
Posted on 4/10/13 at 3:08 pm to LETSGEAUX2
quote:
LETSGEAUX2
You can get an FHA loan. The PMI is pretty high and just became permanent for the life of the loan.
You can go with with single payment PMI, and pay for it out of pocket, or go with slightly higher rate, normally around .375% higher, but with your scores, the rate will probably be about .500-.625 higher to get out of monthly PMI
You can work with a credit cleaning company, many are bogus, but the folks at www.640.com are pretty legit and have helped a few of my clients.
Rural Development was mentioned, but you seem to make too much money for that program.
Posted on 4/10/13 at 3:15 pm to novabill
quote:
You can go with with single payment PMI, and pay for it out of pocket,
How much are we talking up front on a $275,000 home? If I put 10% down, I might be able to cover it up front.
quote:
folks at www.640.com are pretty legit
This website doesn't work. Is this correct?
Posted on 4/10/13 at 3:24 pm to LETSGEAUX2
Of course it is not correct. LOL
It is www.640orfree.com
Check this out for the estimates on MI
For out of pocket, you would multiply the loan amount by the appropriate factor from the sheet.
LINK
It is www.640orfree.com
Check this out for the estimates on MI
For out of pocket, you would multiply the loan amount by the appropriate factor from the sheet.
LINK
Posted on 4/10/13 at 4:29 pm to novabill
quote:no it didn't
The PMI is pretty high and just became permanent for the life of the loan.
that doesn't kick in until June and that is not for all FHA loans
Posted on 4/10/13 at 6:06 pm to LETSGEAUX2
quote:
Ruined my perfect credit and it now sits at 678 so I doubt I can do much of anything yet. Pisses me off that I could be so dumb to ruin my credit over $200.
Do some research on "goodwill letters." The Credit Repair forum on MyFico.com is full of good info and you will even find a number of example goodwill letters. Look on their forum for "back door numbers" and email addresses for higher ups with the credit card company. You would be surprised at the number of people who get things removed from their reports just by being persistent.
Posted on 4/10/13 at 7:34 pm to Pilot Tiger
quote:
that doesn't kick in until June
You are correct, it is the increase in MIP that started April 1.
The life of the loan MI will be for most FHA loans, as most FHA loans have an LTV of > 90%
LINK
Posted on 4/10/13 at 7:41 pm to LETSGEAUX2
Can your wife change into a more lucrative PT specialty ? I would think you would be making more than that combined if she was working in a nursing home or doing home health.
Posted on 4/11/13 at 8:24 am to JonTheTigerFan
Jon, I will definitely look into this, thanks.
Saderade, she probably could but she really enjoys her job at the hospital she's at. She makes about 67k and I just switched fields and had to take a pay cut down to 45k to start. We both get about a 3% raise a year plus I will be getting quarterly bonuses.
Saderade, she probably could but she really enjoys her job at the hospital she's at. She makes about 67k and I just switched fields and had to take a pay cut down to 45k to start. We both get about a 3% raise a year plus I will be getting quarterly bonuses.
Posted on 4/11/13 at 9:39 am to LETSGEAUX2
I had to make that decision last year. I kept expecting rates to go up....but they never did. Today's rates are incredible.
In your case, I'd just pay the PMI and get the house appraised in 3 or 4 years.
In your case, I'd just pay the PMI and get the house appraised in 3 or 4 years.
This post was edited on 4/11/13 at 9:49 am
Posted on 4/11/13 at 10:02 am to dewster
Yeah, I'd have to agree
This post was edited on 4/11/13 at 10:03 am
Posted on 4/11/13 at 10:04 am to CQQ
Yeah well the problem with that is my credit dilemma. I've screwed us out of getting the best rates for at least a few years over something so small 
Posted on 4/11/13 at 10:40 am to LETSGEAUX2
remember that mortgage interest can be deducted...
Posted on 4/11/13 at 10:55 am to LETSGEAUX2
quote:
Yeah well the problem with that is my credit dilemma. I've screwed us out of getting the best rates for at least a few years over something so small
You can still go FHA, your score should be good enough.
I believe the cut off is a 620.
Posted on 4/11/13 at 11:44 am to ZereauxSum
Anyone here an underwriter for FHA loans or an originator that is very familiar with them? I am/was in the process of refi'ing to an FHA mortgage and have been told throughout the process that its a very clean file. Low LTV (< 80%, Low DTI, solid appraisal, clean 12 month mortgage history. Well, we've ran into a problem here at the last second and I want get some advice on it and whether I have any options.
If interested, please email me at supadave3@gmail.com and I'll give all the details.
If interested, please email me at supadave3@gmail.com and I'll give all the details.
Posted on 4/11/13 at 12:13 pm to Pilot Tiger
Pilot, how important is it for my girlfriend (plan on getting married with next couple years) to have credit? By that time, I will have good credit. Getting started now.
Is it important at all for her to have credit?
Is it important at all for her to have credit?
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