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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Explain a FHA loan to me please
I know its been around for awhile and I never thought to look into it, but from what I am reading maybe it is someithig to consider when and if we buy our NEXT home?
Is it JUST for first time homebuyers (we are not).
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Posted 12/12/10 6:21 PM  |
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Prudential Douglas Elliman Real Estate
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Explain a FHA loan to me please
i don't think its for only first time home buyers we got one and have to pay PMI for five years, we had to fix parts of the house prior to closing (FHA has strict requirements on conditions of the home), you can't take out home equity loans but its a good loan if you don't have the best credit scores or have a ton for a down payment.
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| Posted 12/12/10 6:24 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Explain a FHA loan to me please
It is not just for first time home buyers. An FHA loan only requires you to put down 3.5 % for a downpayment. It's insured by the government, allowing you to borrow up to a higher debt to income ratio. The PMI for it is actually called MIP and, in addition to the normal mortgage insurance premiums (like with a conventional mortgage), there is an upfront premium of 1%. However, this can be rolled into your mortgage.
We just got an FHA loan so if you have any questions feel free to message me!
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| Posted 12/12/10 6:32 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Explain a FHA loan to me please
Thanks to both of you. I am going to probably be contacting you if this is the route we think we are heading for.
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| Posted 12/12/10 6:44 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Explain a FHA loan to me please
Posted by Serendipity
Thanks to both of you. I am going to probably be contacting you if this is the route we think we are heading for.
No problem!! You were the poster looking into Nesconset right?? We could be neighbors! 
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| Posted 12/12/10 7:55 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Explain a FHA loan to me please
Posted by LDrinkh20
Posted by Serendipity
Thanks to both of you. I am going to probably be contacting you if this is the route we think we are heading for.
No problem!! You were the poster looking into Nesconset right?? We could be neighbors!
Yes!!!! That was me! LOL. We are so confused. Hopefully soon decisions will be made!
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| Posted 12/12/10 8:03 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Explain a FHA loan to me please
Posted by Serendipity
Posted by LDrinkh20
Posted by Serendipity
Thanks to both of you. I am going to probably be contacting you if this is the route we think we are heading for.
No problem!! You were the poster looking into Nesconset right?? We could be neighbors!
Yes!!!! That was me! LOL. We are so confused. Hopefully soon decisions will be made!
Awww hang in there...it's such an important decision and is SO overwhelming! Like I said, please let me know if you need any help!
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| Posted 12/12/10 8:05 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Explain a FHA loan to me please
Posted by LDrinkh20
Posted by Serendipity
Posted by LDrinkh20
Posted by Serendipity
Thanks to both of you. I am going to probably be contacting you if this is the route we think we are heading for.
No problem!! You were the poster looking into Nesconset right?? We could be neighbors!
Yes!!!! That was me! LOL. We are so confused. Hopefully soon decisions will be made!
Awww hang in there...it's such an important decision and is SO overwhelming! Like I said, please let me know if you need any help!
Thanks so much!!
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| Posted 12/12/10 8:56 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Explain a FHA loan to me please
I did FHA in MArch it was an extremly easy process with the right bank. I stated out ith bethpage and they were a disaster. then I loved over to wells and I worked with a great person. FM me if you want her info she really was terrifc. I closed in 60 days from the day I started with her.
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| Posted 12/13/10 3:13 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Explain a FHA loan to me please
Posted by HeatherRose
I did FHA in MArch it was an extremly easy process with the right bank. I stated out ith bethpage and they were a disaster. then I loved over to wells and I worked with a great person. FM me if you want her info she really was terrifc. I closed in 60 days from the day I started with her.
Thanks! You have FM
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| Posted 12/13/10 4:29 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Explain a FHA loan to me please
Posted by Serendipity
Posted by HeatherRose
I did FHA in MArch it was an extremly easy process with the right bank. I stated out ith bethpage and they were a disaster. then I loved over to wells and I worked with a great person. FM me if you want her info she really was terrifc. I closed in 60 days from the day I started with her.
Thanks! You have FM
We used a rockin' mortgage broker as well...made life SOOOO easy!
FM for his info!
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| Posted 12/13/10 4:36 PM |
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