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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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FHA loan
Does any one have a FHA mortgage? How do they differ from regular? I know you only need to put 3% down but whats the difference besides that?
TIA
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Posted 3/20/08 1:39 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: FHA loan
you pay a different, slightly higher PMI type insurace
my husband does them- if you have any questions he would be happy to help
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| Posted 3/20/08 1:43 PM |
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Re: FHA loan
They are more paperwork intensive, and have certain regluations regarding the condition of the property, the contract language, etc.
You also have to pay mortgage insurance if your loan is more than 80% of the purchase price (which is the case with ANY loan). The mortgage insurance premium is less per month, but you have to pay or finance an upfront premium of 1.5% of the loan amount, and you are required to continue the monthly mortgage insurance for at least 5 years. After that time, if the original loan balance is 78% or less of the current value, they will release the mortgage insruance.
FM me if you need more info, I work for a mortgage broker (and I am in the process of getting my own FHA loan now).
HTH
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| Posted 3/20/08 1:45 PM |
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