loans: Are There Good or Bad Loans? - 03/07/16 02:04 AM
FHA loans are bad because they have PMI.
FALSE.
There are no good or bad loans; it depends on what’s right for you. I have client who recently called to refi. Their interest-only loan was about to become principal and interest with DOUBLE the payment they currently pay ($980 to $1900). They also had been turned down by 2 banks, who charged them for appraisals that came in lower than what they needed. But we were able to refinance their home under the FHA program with only 2.25% equity.
Yes, they were almost at 100% debt to value (at least not upside … (1 comments)