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#31 (permalink) | |
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Got Mortgage?
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If you do not put down more than 20% down payment on the house, you will have PMI. Its Mortgage lenders's protection from losing the loan to people who has loan under 20% down payment. If 20% or more, PMI is waived. Veterans Affairs (VA) loans waives the PMI. One more bank do waive PMI if you are under 80% of the medium income in a specific county. Is that clear? |
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__________________
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#32 (permalink) |
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In a pink and black world
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VA loans
One big con about VA loans is that they have very strict guidelines on the conditions of the houses and I am telling u from experience, the guidelines are VERY strict. Our lender almost didnt approve of this house cuz the paint outside was the wrong color so the seller had to repaint the base of the house just to meet the guidelines. VERY strict!
__________________
Shel~ ![]() "A child educated only at school is an uneducated child." -George Santayana
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#33 (permalink) | |
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Got Mortgage?
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IE... Roof will need to be younger than 8 years (I believe so) to waive repair... painting issue is another one. VA is very similar as FHA. Difference is... VA no pmi, FHA high pmi with low interest. |
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#34 (permalink) | |
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o_O
![]() Join Date: Mar 2005
Posts: 17,925
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#35 (permalink) | ||
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I'm proud to have CI!!!!
Join Date: Apr 2008
Posts: 5,414
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I'm going to be mommy!!! My baby's gender is unknown yet. LEFT: Implanted: 6/12/09 Activated: 7/7/09 Freedom |
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#36 (permalink) | ||
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Got Mortgage?
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#37 (permalink) | |
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Got Mortgage?
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Have to add PMI fee on your loan only if you only put down less than 20% of the house value (purchase agreement). Example: House purchase agreement price is $200,000 20% down payment is $40,000 (your own saving bank) Then loan will be 160,000. 160,000 vs 200,000 is 80% Loan to Value (LTV). If you put down less than 40,000 on the $200,000... means you will need to pay PMI. The closer to 80% LTV, the lower PMI is. Right now market is allowing MAX 95% LTV (requiring 5% down payment). I have found few programs that are allowing 100% LTV (0% Down payment). But requirements are very strict. |
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#38 (permalink) |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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What programs? What strict requirements? High FICO score? Please let us know. Thanks
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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#39 (permalink) | |
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Got Mortgage?
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If you have more questions regard of this program, you can PM me directly. I am open for discussion and education purpose of this topic. |
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#40 (permalink) | |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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Quote:
It's decently easier to rent for now. No PMI, no Florida insurance and property taxes for now. May look at agricultural areas to save on property taxes.......since we do want to add horses in the future. Wouldn't it be hard to carry two mortgages? Pay one, pay other?
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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#41 (permalink) | |
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Got Mortgage?
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Why pay two mortgage? If you live in one, rent out the second house. Allow the tenant to pay your mortgage. That how many house investors do. Make sure you have rental certification to allow tenant live in your second home. |
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#42 (permalink) | |
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Got Mortgage?
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Quote:
IE: If you live in Minneapolis's Hennpeins County. The average income would be 60k salary. 80% of 60k is... 48k. You will need to make below 48k in order to qualify for no PMI. Its designed for low income especially for SSDI community or low income with several kids. It will help out some. Few tens into few hundreds. Dont get too excited about this program I am learning about. Its very strict program. |
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#43 (permalink) |
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In a pink and black world
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I have no idea...all I was told that the seller had to repaint the base of the house before the house could get qualified. Boy, he was so pissed!
__________________
Shel~ ![]() "A child educated only at school is an uneducated child." -George Santayana
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#44 (permalink) | |
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In a pink and black world
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I didnt know that either until we applied for the loan and learned how strict the guidelines were. I dont know if the mortgage requirements are different today than from the past. I am not an expert in that area.
__________________
Shel~ ![]() "A child educated only at school is an uneducated child." -George Santayana
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#45 (permalink) | |
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Got Mortgage?
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Those who purchased before Jan 2008 experienced easier guideline. |
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#46 (permalink) | |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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Quote:
Hmmm, this may work. I'll ask about this requirement sometime in 2009. Thank you. I'm second tier but working on getting to first tier before getting anywhere near a Lender. Otherwise, renting is still fun! ![]()
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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#48 (permalink) | |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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Quote:
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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#49 (permalink) | |
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Got Mortgage?
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I don't remember if I wrote about what is bad and good credit score. I will type one when I get chance to. As long your credit score is above 580, you will get a loan. If 620, better loan... If 680, better then 720+ is utopia. Do you have any idea where you are? Do you know that mortgage with no debts will speed up your credit score up faster. Mortgage is the best thing to build your credit fast. Ironic? |
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#50 (permalink) | |
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In a pink and black world
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__________________
Shel~ ![]() "A child educated only at school is an uneducated child." -George Santayana
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#51 (permalink) |
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In a pink and black world
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I remember when I was working trying to build up my credit score and it was almost over 700 at one time. My car broke down so I had to buy a new car and to my dismay, it brought my credit score down by around 50 points. I couldnt beleive it!
__________________
Shel~ ![]() "A child educated only at school is an uneducated child." -George Santayana
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#52 (permalink) |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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My sister said when you get approved for a mortgage, it helps your credit. Weird but it happens that way. She bought quite a few.
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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#53 (permalink) | |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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Quote:
![]() ![]() ![]() :fing ersx:I appreciate talking with ya deafmortgage. I read your blog. That's an awesome service!
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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#54 (permalink) | |
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Got Mortgage?
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If you have 740 as credit score number... that is very good. Get yourself ready to buy a home by at least 5-10% down payment. 15% is better. Interest rates will drop more as you increase your down payment. Examples: 200,000 house priced 5% Down Payment = $10,000 and loan at $190,000 @ 6% interest 10% Down Payment = $20,000 and loan at 180,000 @ 5.75% interest 15% Down payment = $30,000 and loan at 170,000 @ 5.5% interest. The more you put down on the house means you are less risk. Higher credit score means you are less risk. These are just basic factors of High FISCO (credit score) and bigger Down Payment. Don't forget to at least 5%. Depend on what county of state you live in. Review the Soft Market = Buyer Market's guidelines. A lot information there to know. If declining market, make sure add 5%... To minimal of 10% down payment. I am writing this to get people ready for purchase a home. Than last minute want to buy a house and find out that they cannot get a home due to no money to down payment. There are down payment programs that can help first time house buyers. It was good to talk with you back n forth on this forum. I want to continue to educate more people about how mortgage and loans works with credit score. I guess I will add credit score information soon. Anything over 720 is perfect candidate for lowest interest available. Another factor to consider is how much your income compared to your debts. Its based on monthly income and monthly bills of debts loans. Not including the bills of utilities such as TV, Internet, electric etc... They look at credit card, car loans, student loans, personal loans and mortgage loan to determine the %. Blah blah... these can be added to credit score thread I will create. Separate topic.
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#55 (permalink) |
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I do Ameriplan!!!!
Join Date: Apr 2008
Location: Sunshine State
Posts: 450
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DeafMortgage,
You are doing everyone a great service on this thread, keep it up! Not everyone, even hearing people know everything so it's a great educational thread.
__________________
http://www.iboplus.com/KGraber http://www.mybenefitsplus.com/KGraber Life is like a farm. You have to get up early and do the chores
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