FHA insured loan Puns

The value of my home has gone up pretty high since I purchased it and I really want to get rid of this insurance. I'm basically paying $200 a month for nothing.

Some things I read if I get a new appraisal for my home and if it goes up a certain amount I can refinance it out.

Something else I read said you literally can't do anything unless you pay 20% off of the total premium.

I also heard that I could potentially refinance and do a 15-year mortgage And don't need to do the appraisal or have increased value by X amount.

I'm really not that good at this stuff I'm trying to get better. I can afford my home I'm just tired of paying so much for the mortgage insurance. Doing a 15-year mortgage is fine but I'd really prefer to keep my payments lower than that since I always planned on doing 30 year.

If anyone has any inside it would be helpful.

Have a property I may go see in 2 days. I would like to buy it if inspection passes.

Do current leases stay in place until expired? How can I override that?

Is there some window of time that I have to move in by? 30-60-90 days?

Any help on who I can call for this type of information?

My best friend and I have agreed to go in on property together. We want to mitigate risk for both sides and we can really use each others help. Once I have my feet on the ground, and we've filled our vacancy, we want to start buying Single Family homes or duplexes afterwards

- Loan type for the immediate future and what loan type when ready to purchase our second property.

- He currently has a conventional loan out of state on a condo.

- We are interested in doing an FHA loan on a multi-family that I will live in but he will not.

- We want to eventually refinance to get out of the PMI for the life of the loan

Lets say all units rent for $1,000/mo each and our mortgage is $3,000/mo for our 4-plex. What would be a fair amount of the rent I would pay? If the property is at break even or cashflow with 3 units rented, would paying half be fair for the 4th unit? Then when it comes to profits, etc would he get directly the $500 each month and I would not get anything except a mortgage paid for free and clear every month?

My concern is that if we do an FHA loan then we need someone to live there. That will be me, not him. I do not feel I should pay full price for the rent, as I am paying him renter's pricing and he is profiting from me living there if doing so. However, I do understand I am also paying myself too. I am not sure how that would be split?

OR Do we both put $500 in every month because "someone" has to live there and that keeps things even?

I am very open to suggestions of what would be fair or make sense. I want us to find a fair agreement and my thought is that if we are in cash flow with 3 properties or with 3 properties and the half I pay, then that's part of just doing business with this FHA loan scenario We also want to get off the forever PMI as soon as possible.

Thanks for your help community!

UPDATE: We closed on the duplex two days ago.

So, I've learned a lot in the past three weeks. First, I learned that we did indeed have it in the contract that at least one of the units had to be vacant by closing. I was mistaken about what our agent knew - she believed the seller would honor that part of the contract and passed the matter along to her broker, who started raising hell with the selling agent's broker. We also found out that the selling agent is the seller's daughter. Our lender was very patient while we worked through everything, and said as long as we showed intent to occupy by February she didn't need to know the details.

The tenant who had the lease to 3/31 vacated last Friday. I wasn't able to speak to her until that day, and only spoke to the other tenant the day before, but I found out that they both were lied to repeatedly by the seller for the apparent purpose of not risking the rental income should the appraisal not come back high enough to support the sale. Both tenants were shocked to find out that the seller knew back in November that the sale required them to vacate. Both tenants were told that we (the buyers) wanted to continue renting to them, right up until we asked for copies of the leases on 12/26, at which time the tenants were told that we'd changed our minds and wouldn't be allowing them to stay. The tenant who moved out right away felt like she had no choice - she's a young woman who is easily intimidated and didn't know what else to do - while the other tenant, who has already found a place and is planning to be out by 1/31, told us (with receipts) that her rent had been raised nearly 70% in December and January to "cover the costs of selling." Apparently it was done legally - she's on a month to month and was given notice of the increase in October when the house was listed. The seller only gave us a copy of the rental agreement showing the original rent with no mention of the recent increase. We only found out because I asked the tenant directly.

My broker was absolutely fed up with all the lies and has given me the links to file ethics complaints with the state real estate commission and NAR. Both tenants have been extremely cooperative with us, and we're doing everything we can to compensate them for the way this sale has impacted them. We gave a cash gift of half a month's rent to the tenant who has moved out and have promised the remaining tenant that we'll refund half her January rent as so

I'll try to keep this quick and to the point. I'm a relatively new homeowner (2 years) and am trying to find ways to reduce my monthly bills. Started shopping around to refinance my 30-year fixed rate (3.75%) conventional mortgage. Current payment is about to increase from $1,123.68/mo to $1,279.53/mo due to an insurance premium increase. I am already working on new insurance and will likely get that payment down to about $1,225.00/mo.

I don't make as much as when I bought the house so I currently have a debt-to-income ratio that is too high to qualify for another conventional mortgage. I have been offered an FHA loan at 2.625% fixed for 30 years. They are planning to cash out enough equity to cover about $20,000 in student loan/credit debt. This would put my mortgage payment at $1,252.65/mo. or maybe slightly less depending on how the insurance pans out. It would also save me about $280.00/mo. by not having to pay those student loans and other bills. I’m not planning on moving/selling anytime soon.

On paper this seems like a no-brainer, but I’m worried I could be missing something. Are there any inherent problems in switching loan types? Should I wait another year when I would be able to use my overtime income and likely qualify for another conventional mortgage? (They need 2 years of employment to use overtime as part of the calculation and I’ve only been in this job for 1 year).

According to my realtor that is the case.

Hello,

I went under contract on a home and my credit isn't great but I do qualify for FHA 3.5%. My loan officer knew I had a student loan that funds every semester and now she's casting doubt on if I will be able to close. Does anyone know if it's possible to postpone disbursement of a federal loan (that my college then disburses the overage to me - about 2500 a semester) ? I can't find a single thing on Google about it because everything is about postponing paying your loan not receiving the funds because I am sure people rarely have to do that. My only other options are to a) cancel my 18 units and just skip this semester and the disbursement or 2) pay the $4k for the semester myself which I can't do if I am buying a home. It's frustrating so any help would be greatly appreciated thank you

Suggestions on which is a better loan? Our mortgage lender keeps trying to steer us away from FHA and I’m unsure why. Any thoughts?

We just had a call with someone about the FHA loans, but she said we need to have like 4k in the bank, but due to me being on SSI, we can't have more than 2k in the bank.

It's like poor people can have a chance at this, but screw disabled poor people.

I have a question regarding getting an FHA loan.

I am currently in quite a complicated situation to try and get an FHA loan.

I went to a 4-year University (Texas Tech University) and attended 2 years and went on a break from college, because I had to attend a mandatory military service in my home country (South Korea) for around 1.5 years +40 days. I am currentely a dual citizen (South Korea, and the United States of America) and have assets of $92,000 in stocks and $7,000 in a bank account.

I plan to go back to America in Dallas-Fortworth area, TX and instead of going back to school I am thinking of working as a waiter and getting an FHA loan (3~5% down payment) and house hacking a 4~5 bedroom house. If I work as a waiter my salary would be approximately (20~35K) per year and was wondering if I would be eligible for an FHA loan without any prior work experience? Because I heard you need to have at least 2 years of work experience or in college a relevant field of job right after college to qualify for an FHA loan?

Please let me know,

Thank you,

Sincerely,

Michael

Assuming things go smoothly with the appraisal how quickly would it be possible to close on a house using an FHA loan. I know the average is around 45 days, but I'm wondering if its realistically possible to do it under 30 days or so. Also if anyone knows at what stage in the process that underwriters call up your employer, that would also be nice to know.

I have 20k cash and 60k in assets and am looking to buy my first home when my lease is up in 10 months. I am trying to decide whether to put more down and get a conventional loan or save more liquid cash with a higher monthly payment and do an FHA loan. What was your experience like with both?

Looking into this loan as an option, but I do have one question. My father works as a contractor (drywall, not a general contractor), I've spent many years myself doing construction and he has successfully remodeled and sold a couple of houses previously. Would it be possible for him to be my "contractor" or do the work myself? He has an actual "Incorporated" construction company, just not as a "General contractor." Any thoughts?

First-time home buyer here. My husband and I are currently renting. Feeling discouraged as rent continues to increase state-wide and we've got a ways to go before we have enough money for a 20% down payment. I've continually heard that homes are not selling to first time home buyers utilizing the FHA loan, since there are other buyers willing to pay cash (well above asking price).

We would love to keep renting and saving until we can pull off the 20% down payment, but with rent increasing the way it is... it's starting to feel near impossible. I don't have much hope that a 20% down payment would be very competitive against other buyers right now either.

Any other first time home buyers out there who were able to purchase during this crazy housing market? Or any tips from realtors? Thanks in advance.

I'm finding a loan officer that actually tries to fit a loan product to my actually wants, needs and situation rather hard.

In a state that allows for grants if you go through certain lenders. I feel like I'm getting FHA shoved down my throat even though there is also a grant program for conventional as well just not as big of a grant. I have pretty good credit, just under 800, and enough reserves to pay the higher downpayment required. And it seems their MI is double the other estimates I have gotten.

Tried to go through Navy Fed and the interest rates they have been trying to sell me are really high. Above 4%

Haven't really heard anything back from Chase.

Rocket Mortgage just seems to "gotta go fast" and I couldn't understand exactly what they were offering.

Feels like getting just a good preapproval is the worst. Not sure what I should do next.

So right now I am currently in the process of buying a new house and I have been approved for both a conventional and FHA loan. I am leaning towards using the FHA loan because I’d rather not put 20% + closing cost down versus keep them in my account (it’s just how I prefer to handle money and don’t want to type it all out and argue).

I found a home that’s currently being constructed and it’s estimated to be completed 3/22. The builder/GC bought the land and has used their funds to build the home. There is no middle man or person with a construction loan on the home. I am confident this is the home I want to purchase. My realtor is adamant that we can use the FHA loan. But everywhere I look has different info. Such as this would be a FHA one time closing loan and I would need to apply for this.

My questions are:

1. Would my current FHA preapproval be fine or will I need to apply for a FHA all in one purchase loan?
2. I need to put a down payment in escrow by end of the week, does this mean I will close soon or will closing be handled on 3/22 once the home is complete.
3. My preapproval is only valid till 1/06. Will I need to get preapproval again? Since it’s been a while I feel like I’ll take another hard pull on my credit and it’ll drop again.
4. If I do close before the home is complete does the mortgage payment become due immediately or after it’s complete on 3/22. (It’ll suck to pay four more months of rent and mortgage payments at the same time - my rent is like 3k before utilities so it’s not cheap)

Hello All,

I'm interested in buying a home towards the end of 2022. My wife and I both started working pretty recently (Me - Nov 2020, Wife - July 2021). Do you think we would be denied an FHA loan for buying a house in late 2022? We have no debt and a household income of 180K.

Thank you!

I live in a rental house that I've leased for four years and I want to buy it.
It's in a great location, I have a nice yard and could expand by updating the attic and basement, most of the neighborhood is all my close friends, I can walk to work and downtown, so it would be a great deal for me if I could keep it.
I rent from a property management company who is a complete pain in the ass but I know that if they help sell me the house then they will get a percentage of the sale value so there is motive for them to sell it to me.
Plus I don't really want to move out, I like it here I just don't like renting and feel like I could maintain the place a lot more efficiently than they do. It really is my dream home, it just needs a few updates and it's not privately owned so I don't think it has any sentimental value to the landlord, since it's owned by a development company.
So I've been trying to find out what I need to qualify for an FHA loan since a few of my friends have told me they got theirs with no down payment, and based on my income I think I could possibly go the same route. I've never bought a house before and last time I tried to find anything about the FHA loan I ended up on the phone with what seemed like a scammy credit improvement service that I didn't really need. (they were offering to dispute the one negative mark on my report, which I know how to handle myself and don't really need to pay $100 for somebody else to do)
I know how to improve my credit score by myself, but right now I'm just trying to actually find the official information for FHA loans and it's proving difficult.
Should I contact my bank and stop looking online?
Where do I go to actually talk to somebody legit?

Hi, my friend left their violent abusive ex a few years ago. They're STILL battling over custody but resolved the divorce a few years ago. In this divorce they got some equity of the home but the ex kept the home. My friend decided to use this money to pay off their student loans.

At this point they are resigned to living in an apartment for the rest of their life because there's no way they could save up to pay 20%+ of a down payment in today's prices while raising kids on a single income and they used to be a homeowner so they don't qualify for first-time homeowner programs.

To make a long story short, what I'm asking here is are there any other options my friend could pursue to get back into home ownership with a reduced down payment? They live in Utah and make 60-70k a year. They are a survivor of domestic violence, just in case there's any programs with that, but there aren't any police reports or court records or anything as proof.

Thank you so much everybody.

Hey everyone, I'm planning to buy a duplex/triplex/fourplex within the next 14 months (really whenever one pops up and the numbers and pricing make sense in that time span). I'm wondering if anyone has experience using 10% down on a conventional? I have enough to put 20% down but I'm young so I'd prefer to leave that in riskier investments that will have a much higher yield than possible with what I'd save in payments on the difference. Going to work with some local banks next week.

3.5% FHA loan worth it even though you have to pay mortgage insurance because it’s under 20% downpayment. Or is it better to pay the 20% and not have to pay the mortgage insurance. So get the FHA loan or not?