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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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did anyone here get an FHA loan?
where did you get it from, and what was your experience?
TIA!!!
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Posted 4/9/09 1:26 PM  |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: did anyone here get an FHA loan?
Wells Fargo. It was ok. I had more issues with the requirements of the loan then anything else.
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| Posted 4/9/09 1:33 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: did anyone here get an FHA loan?
We had a VA loan from Wells Fargo-kind of similar. We had a great experience with them.
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| Posted 4/9/09 1:56 PM |
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ryeguy8585
LIF Infant
Member since 1/09 111 total posts
Name:
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Re: did anyone here get an FHA loan?
We got one last month, it's a little more paperwork, and the rate seems to be about a half point higher than a conventional loan. Also from what Im told FHA loans require the MMI (PMI altenative) to last for 5 years minimum. But im still looking into that last "Fact"
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| Posted 4/9/09 1:57 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: did anyone here get an FHA loan?
Posted by ryeguy8585
We got one last month, it's a little more paperwork, and the rate seems to be about a half point higher than a conventional loan. Also from what Im told FHA loans require the MMI (PMI altenative) to last for 5 years minimum. But im still looking into that last "Fact"
the last statement is true
unless the the loan to value is less then 79%
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| Posted 4/9/09 2:29 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: did anyone here get an FHA loan?
Posted by Beth
Posted by ryeguy8585
We got one last month, it's a little more paperwork, and the rate seems to be about a half point higher than a conventional loan. Also from what Im told FHA loans require the MMI (PMI altenative) to last for 5 years minimum. But im still looking into that last "Fact"
the last statement is true
unless the the loan to value is less then 79%
ok that is good to know.
so i won't need BOTH MMI and PMI, just the MMI?
i am VERY new to this so excuse me if i sound dumb!
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| Posted 4/9/09 2:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: did anyone here get an FHA loan?
yes- no PMI just the MMI
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| Posted 4/9/09 2:48 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: did anyone here get an FHA loan?
I posted this last week on someone else's threat. There is MIP and MMI when doing an FHA ...
HERE IS A BETTER EXPLAINATION:
FROM: http://www.borrowisely.com/tag/fha-mortgage/
What’s the difference between an FHA mortgage insurance and PMI?
The FHA insures only a limited range of mortgages provided by FHA-approved lenders. PMI insurers service mortgages of the conventional market.
PMI is required if a homebuyer borrows more than 80% of the property’s purchase price in one loan; the FHA insurance is required for any FHA mortgage, irrespective of the size of the down payment provided. The premiums for both insurances get cancelled at a certain point (was not true of FHA premiums before Jan. 1, 2001), but the conditions for this to happen are different. The FHA insurance payments include 2 parts: the upfront mortgage insurance premium (UFMIP) and the annual premium remitted on a monthly basis - the mutual mortgage insurance (MMI). The UFMIP is an obligatory payment, which can either be made in cash at closing or financed into the loan, so that you really pay it over the life of the loan. It adds a certain amount to your monthly payments, but this is not PMI, nor is it the MMI. The MMI premiums come on top of that for all FHA Purchase Money Mortgages, Full-Qualifying Refinances, and Streamline Refinances, except for < 15-year FHA mortgages with loan-to-value ratio (LTV) < 90. When we talk about canceling the FHA insurance, we talk only about the MMI part of it. If you have financed the UFMIP into the loan, you cannot cancel this part. The MMI premium gets terminated automatically once the unpaid principal balance, excluding the upfront premium, reaches 78% of the lower of the initial sales price or appraised value. The insurance premiums on a 30-year FHA loan must have been paid for at least 5 years by then. A 15-year FHA mortgage annual insurance premium will be cancelled at 78% loan-to-value ratio regardless of how long the premiums have been paid. The FHA’s 78% is based on the initial amortization schedule, and does not take any extra payments or new appraisals into account. This is the big difference between PMI and FHA insurance: the termination of FHA premiums can hardly be accelerated. Borrowers who do make additional payments towards an FHA mortgage principal, may take the initiative through their lender to have the insurance terminated using the 78% rule, but not sooner than after 5 years of regular payments for 30-year loans. PMI termination, however, can be accelerated through extra payments, a new appraisal if the house has appreciated in value, and businesslike attitude.
PMI on a conventional mortgage can be avoided; FHA-insurance is actually what makes an FHA mortgage an FHA mortgage, it is essential and cannot be avoided.
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| Posted 4/9/09 2:52 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: did anyone here get an FHA loan?
Posted by Aries14
Wells Fargo. It was ok. I had more issues with the requirements of the loan then anything else.
We got FHA through Wells Fargo as well. Definitely more requirements and a lot of paperwork to provide, but overall we've had a good experience with them.
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| Posted 4/9/09 2:56 PM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: did anyone here get an FHA loan?
with wells fargo what were some of the requirments?
I went on saturday and all i needed was the norm..2 pay stubs, 2 years W2, 2 months of bank statements.
The agent filled out the form and i signed. we were out of there in 30 minutes.
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| Posted 4/9/09 4:23 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: did anyone here get an FHA loan?
Posted by enewedded
with wells fargo what were some of the requirments?
I went on saturday and all i needed was the norm..2 pay stubs, 2 years W2, 2 months of bank statements.
The agent filled out the form and i signed. we were out of there in 30 minutes.
For us, it's as time progresses to closing. B/t the time we applied for the loan, locked in and now closing (which is in the beginning of May) we've had to provide more recent stubs, account info, etc. Even any large deposits of money into our checking account (I believe anything over $1000 at a time) we had to provide proof of where that was coming from.
Also needed a letter from my husbands employer (something about ib/c it is Union and their payschedule)
I think there were more letters of explanation for other stuff but I forget....just alot of paperwork
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| Posted 4/9/09 4:31 PM |
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SnickNNick
In our new house!!
Member since 8/08 2119 total posts
Name:
Nicole
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Re: did anyone here get an FHA loan?
Posted by enewedded
with wells fargo what were some of the requirments?
I went on saturday and all i needed was the norm..2 pay stubs, 2 years W2, 2 months of bank statements.
The agent filled out the form and i signed. we were out of there in 30 minutes.
For us there were extra forms we had to fill out and sign for the actual mortgage application....
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| Posted 4/9/09 4:39 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: did anyone here get an FHA loan?
Posted by cindy104
Posted by Aries14
Wells Fargo. It was ok. I had more issues with the requirements of the loan then anything else.
We got FHA through Wells Fargo as well. Definitely more requirements and a lot of paperwork to provide, but overall we've had a good experience with them.
Us, too.
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| Posted 4/9/09 5:25 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: did anyone here get an FHA loan?
link
Here is an article about these loans from cnn money
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| Posted 4/9/09 11:45 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: did anyone here get an FHA loan?
Posted by JandJ1224
link
Here is an article about these loans from cnn money
jannette this article is awesome, thanks!
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| Posted 4/10/09 8:47 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: did anyone here get an FHA loan?
Posted by Beth
Posted by ryeguy8585
We got one last month, it's a little more paperwork, and the rate seems to be about a half point higher than a conventional loan. Also from what Im told FHA loans require the MMI (PMI altenative) to last for 5 years minimum. But im still looking into that last "Fact"
the last statement is true
unless the the loan to value is less then 79%
Okay now I am confused! We started with a traditional mortgage but then had to switch to an FHA loan - but we were told that we could still have the house reappraised after a year to try to get the PMI/MMI removed.
So, is it actually 5 years with FHA?
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| Posted 4/10/09 12:30 PM |
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