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mip: FHA Loans Myth - FHA Home Loans are more expensive in New Jersey with 5% down because of mortgage insurance - 07/27/10 07:20 PM
Making a statement that FHA loans are more expensive than conventional loans because of the monthly mortgage insurance is a blind statement. This is like saying that your house is better than your neighbors house. Just to many unknown variables to make this kind of determination.
Here is what a realtor on Trulia stated the other day....
"While an FHA loan has many benefits, the downside(aside from some hefty mortgage insurance) is meeting the guidelines. If you can put 5% down, there is a conventional lender that can do the loan(and the Mortgage insurance is actually lower)."
Two … (5 comments)
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mip: FHA Home Loans - FHA Monthly Mortgage Insurance to increase - OUCH - 06/12/10 12:48 PM
The cost of FHA loans could increase before the end of the year is over with. Right now, depending on your LTV (loan to value), the FHA monthly mortgage insurance is either .50% or .55% of the base loan amount. We could see increases any where from .90% to 1.55%. That is a significant increase. Michael LaFido gives more details in this post : FHA mortgage insurance premiums approved to triple in cost
FHA Monthly Mortgage Insurance Premiums (with less than 5% down)
Current premium - .55% monthly
… (31 comments)
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mip: The FHA $729,750 question..... where is it ?!?!?! - 02/19/08 11:30 AM
Okay, the stimulus package has been approved. The President signed the Stimulus Package about a week ago. Part of this bill included HR 5140, which talks about the new FHA loan limits.
The FHA loan limits are suppose to hit a ceiling of $729,750, but when will this go into effect? There were some rumors that it would not be until around mid-March that this would go into effect. There are some rumors which state that this bill won't go into effect until late July. And two other unconfirmed reports state that it will be permanent and another stating … (16 comments)
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mip: FHA MIP vs Conventional PMI -- What to look for & the meanings -- Part 2 - 01/12/08 11:56 PM
Mortgage insurance, may it be FHA or conventional, is not as confusing as it may seem. Especially if you have a qualified mortgage consultant that knows the ins and outs of mortgage insurance.
A quick glimpse of the different meanings :
FHA -- MIP = Mortgage Insurance Premium (These are all for refinances & purchases - there are a few different things to know when it comes to streamline refinances) FHA Streamline Refinances -- knowing your options -- Part 2 of 2 I will break down the MI and MIP on streamlines at another time. You have upfront … (7 comments)
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mip: FHA MIP vs Conventional PMI -- The online truths that are false -- Part 1 - 01/11/08 11:18 PM
MIP update as of 10/1/08 -- New Upfront Mortgage Insurance Premium Changes
Educating the consumer is sometimes the simplest in form, but can be so misleading by those that don't do their research or know what they are talking about. I tell people that I am not god nor am I perfect, but I do consider myself to be very good at what I do. And if I am not sure, I do my research to make sure that it's very accurate.
As I have conversations with others in the real estate profession, it becomes scary to when I … (14 comments)
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mip: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance -- Refunds -- Part 3 of 3 - 08/18/07 11:18 AM
FHA upfront MIP refunds can some what be confusing at times because there are certain dates involved. The refund process has changed about 3 to 4 times in the last 15 years. In part 1, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance, I talked about the basics of the upfront charge and the monthly insurance. In this section, I will share with you the types of refunds that are allowed.
The different refunds and their dates:
The old rule was that if you had paid your off either by selling your house or refinancing in 7 years or less, that you … (10 comments)
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mip: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 2 of 3 - 08/17/07 07:08 PM
In the first part, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works, I talked about how the upfront mortgage insurance and the monthly mortgage insurance worked. After visiting several web sites describing FHA, the mortgage insurance, and who can get these types of loans, I decided to write more about how you need to be careful. I can't tell you have many sites were so wrong and or not updated. I saw a few that even said that the one-time mortgage insurance is 2.25%. This is not correct, it's 1.5% of the base loan amount.
What really … (5 comments)
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mip: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 1 of 3 - 08/16/07 08:59 PM
It's crunch time, especially with today's market. Does this make you hungry? Well, many loan officer's are very hungry and not that busy. Which leaves us to my rant of inexperienced loan officers trying to give their clients a FHA mortgage.
Word of advice : If you find someone giving you false information or information that doesn't make sense, why stay loyal to them? Seriously, run away, don't walk. Most of the criteria by FHA and HUD is written in stone. No lender can change this no matter what you think or have been told.
In Part 2, I will give you 2 … (15 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
More about me…
Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
Cell Phone: (609) 440-5133
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