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Started By
Message
re: Anyone here have mortgage insurance?
Posted on 1/21/17 at 10:56 am to nerd guy
Posted on 1/21/17 at 10:56 am to nerd guy
I pay 1400 right now in rent. Probably higher than a good bit of you folks in a mortgage. Why am I not in a house? Down payment and the fact that every time I blink the house prices go up another 10k in north Dallas.
I will more than likely put 3.5 down and as someone mentioned earlier refi after 7 years. Without this program you are asking me to save for a 300k home , 60 grand... while of course CoL continues to rise. I guess you don't want anyone else to buy a home you twats.
I will more than likely put 3.5 down and as someone mentioned earlier refi after 7 years. Without this program you are asking me to save for a 300k home , 60 grand... while of course CoL continues to rise. I guess you don't want anyone else to buy a home you twats.
3
Posted on 1/21/17 at 11:03 am to Toddy
quote:
equity. Lots of ignorant comments in this thread. This was a stupid decision by Trump. Im sure a lot of preapproval letters are no longer valid because Trump saw fit to take this away. This is going affect a lot of first time homebuying Trumpkins.
Posted on 1/21/17 at 11:04 am to 50_Tiger
Yea. Cheapest half decent house we could find was in grapevine for 1500. Dallas market is nuts. House we have is old as frick too. Kill to have our newer condo in baton rouge here.
Posted on 1/21/17 at 11:10 am to TBoy
The FHA sucks balls. Do you know how FHA mortgage insurance works? It's the opposite of a proper risk/merit-based system. Sort of like communism. frick the whole program.
Posted on 1/21/17 at 11:20 am to SDVTiger
quote:
You got a link to that cause thats not true at all
No link and I may be wrong, but this is just what I've seen working in mortgage banking.
Posted on 1/21/17 at 11:21 am to Toddy
If you cannot muster together 500 dollars then you should not be owning a home.
Period
Period
Posted on 1/21/17 at 11:22 am to SDVTiger
quote:
No one stays in a loan longer then 7yrs. You refi out of FHA
Generally. It costs money to refi though.
Posted on 1/21/17 at 11:24 am to SDVTiger
Post more.
Posted on 1/21/17 at 11:25 am to TBoy
Sorry, the big, bad, orange man cancelled your welfare increase.
Posted on 1/21/17 at 11:25 am to TBoy
Fake news from libtard #43.
Posted on 1/21/17 at 11:32 am to TBoy
If we got rid of the FHA/Fannie/Freddie guaranteees, housing prices would crash down to the level they should be at. All government guarantees do is raise the price.
Posted on 1/21/17 at 11:33 am to 50_Tiger
quote:
I will more than likely put 3.5 down and as someone mentioned earlier refi after 7 years. Without this program you are asking me to save for a 300k home , 60 grand... while of course CoL continues to rise. I guess you don't want anyone else to buy a home you twats.
There are many, many conventional loan programs out there that you can pay 5% down with PMI.
And why are you spending 300K on your first house?
This post was edited on 1/21/17 at 11:34 am
Posted on 1/21/17 at 11:38 am to TBoy
If you put down less than 20%, you generally have mortgage insurance. With Fannie and Freddie, those rates are set by the PMI market and can vary base on credit score and down payment amount.
With FHA, the insurance rate is the same for everyone.
FHA loans require 3.5% down, Fannie and Freddie usually require at least 5%.
FHA you can qualify with a lower credit score generally than what Fannie and Freddie require.
With FHA, the insurance rate is the same for everyone.
FHA loans require 3.5% down, Fannie and Freddie usually require at least 5%.
FHA you can qualify with a lower credit score generally than what Fannie and Freddie require.
Posted on 1/21/17 at 11:44 am to LSUFanHouston
Because the supply of less than 300k homes in North Dallas is all but nonexistent. DO you not understand how bad the market is here? I mean it looks like you are from Houston you should know already.
Also I rent @ 1400 , another 200 dollars a month wont kill me. I save about 800-1k a month at the moment after everything is paid and I pay myself.
Also I rent @ 1400 , another 200 dollars a month wont kill me. I save about 800-1k a month at the moment after everything is paid and I pay myself.
Posted on 1/21/17 at 11:48 am to Lsut81
quote:
Isn't PMI required by the Feds
LTV above 80/20, yes.
Posted on 1/21/17 at 11:52 am to RCDfan1950
quote:
So, not being an Economist, sounds to me like that particular "subsidized mortgage insurance" is in essence a high risk loan apt to default, that no Loan Institution that is a honest caretaker of the Investor's money...should or would make. This MO is exactly what caused the Fannie/Freddie Worldwide meltdown back in '08.
But I don't really know.
Nope, not even in the same ballpark. What screwed us in 2008 were all of the interest only, ARMs, and no income verification loans. Those were total bullshite and those are what people were defaulting on, primarily. When the rates adjusted, the people who got a great deal initially got shell-shocked.
FHA, USDA, VA are not the same thing.
This post was edited on 1/21/17 at 12:44 pm
Posted on 1/21/17 at 11:53 am to SDVTiger
quote:
No one stays in a loan longer then 7yrs. You refi out of FHA
Not at my rate, you don't. Market has turned up sharply of late.
Posted on 1/21/17 at 12:16 pm to 50_Tiger
quote:
Because the supply of less than 300k homes in North Dallas is all but nonexistent. DO you not understand how bad the market is here? I mean it looks like you are from Houston you should know already.
Are you required to live in North Dallas? I'm pretty familiar with the market and yeah, if you wanna be close in, you have to pay that, but if you are willing to live a bit further out, that should not be necessary.
I have several friends that live out near McKinney and my cousin lives just past the speedway, and both of them bought houses for less than 200K.
Posted on 1/21/17 at 12:18 pm to TBoy
What's a "mortgage"?? 
Posted on 1/21/17 at 12:19 pm to TBoy
quote:
eliminated subsidies that made mortgage insurance less expensive
Nope. He cancelled a cut that had not yet gone into effect. It hadn't "made" anything yet.
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