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 … (7 comments)
FHA loans will no longer have mortgage insurance premiums based on a combination of loan-to-value ratios and credit scores. This actually starts today, October 1, 2008, and rescinds Mortgagee Letter 2008-16. This is for all FHA mortgages that have FHA case number assignments as of today. So, what does this mean? Well, we won't have a chart of like 18 different options, which was tedious at times, depending on the borrowers credit scores. It's now pretty simple and basic. Overall, this is in effect through September 30th, 2009. It will be revisted prior to that to decide whether changes … (13 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
;)
;)
;)
