va mortgage loans: Frequently Asked Question: Will I have to pay PMI on a VA loan?
- 02/13/10 10:06 PM
Frequently Asked Question: Will I have to pay PMI on a VA loan? Q: I plan on putting 5% down on a house, and financing it with a VA mortgage. Will I have to pay private mortgage insurance (PMI) on my new VA loan? A: No, you will not. VA loans do not have monthly mortgage insurance premiums. However, VA loans do have a funding fee. Unless you are exempt, the funding fee will vary according to your service (regular military or reserves/national guard), whether you are purchasing or refinancing, and how much you are putting down. The funding fee can … (3 comments)
va mortgage loans: Frequently Asked Question: Does the 90 Day Flipping Rule Prohibit Moving in Early?
- 12/24/09 04:22 AM
Frequently Asked Question: Does the 90 Day Flipping Rule Prohibit Moving in Early? Q: My girlfriend's father is paying cash for a house, fixing it up and selling it to us for the cost of house + materials + contractor's labor. We are going to get an FHA loan to buy this house from him. The work should take about 45 days to complete at which point the house will be ready to move into. We don't want the house to sit vacant for two months. Is it possible for us to move in and live rent free for those two … (3 comments)
va mortgage loans: Frequently Asked Question: FHA / MIP / VA Funding Fee
- 11/15/09 02:29 PM
Frequently Asked Question: FHA / MIP / VA Funding Fee Q: Q: I am going over our Closing Costs Worksheet (for our preapproval) and I see "FHA/MIP/VA Funding Fee". What is this? Is this something that has to be paid at closing or can it be added into the loan? A: FHA has a one-time upfront mortgage insurance premium (UFMIP) of 1.75% of the mortgage amount. If you are doing an FHA loan, you can either pay the UFMIP out of pocket or roll it into the mortgage. If you are doing a 15 year mortgage with less than 10% down or … (5 comments)
va mortgage loans: Frequently Asked Question: Can I Use My Father's VA Loan Eligibility to Buy a House?
- 11/12/09 01:50 AM
Frequently Asked Question: Can I Use My Father's VA Loan Eligibility to Buy a House? Q: My dad has not used his VA Loan. Can he transfer that loan to me to use to buy a house? A: No. Children of an eligible veteran are not eligible for the VA home loan benefit. However, the unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the VA home loan benefit. In addition, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, … (0 comments)
Frequently Asked Question: Will I have to pay PMI on a VA loan?
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