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Should a Buyer With 20% Down Get an FHA Loan?
Conventional loans require private mortgage insurance if a buyer cannot put 20% down. FHA loans require mortgage insurance regardless of how much money is put down initially. Conventional wisdom says that buyers should only consider getting an FHA loan only if they cannot put 20% down. This piece will question that position and ask: Should someone who can put 20% or more down consider getting an assumable loan (e.g. FHA) even though the assumable loan would require paying mortgage insurance?
Several weeks ago, when rates were higher, I asked well known local blogger and Licensed Mortgage Originator Rhonda Porter of mortgageporter.com to run me some numbers on two different loan packages. The first was an FHA loan, which at the time had a 5% rate (5.403 APR). The second was a conventional loan that had a 5.125% rate (5.201 APR). The initial loan costs on each loan were relatively close to each other, and the most significant difference between the loans was that the FHA loan still required mortgage insurance, both an up front amount and monthly amount of $132.44 for the first 60 months.
Most buyers today probably pick the conventional loan to avoid paying the mortgage insurance. My reason for doing this piece is that FHA loans are generally considered assumable loans. That made me wonder: Can there be scenarios where a buyer would be better off having an assumable FHA loan, even if they have to pay mortgage insurance?
in Self Help
Remember going to college or graduating from high school to receive your first credit card application? I do, and no one told me that it would Impact my life Forever! Tonight's call is focused on learning about your credit scores and what affects your credit. There are so many myths about credit and the misguided information is causing many people to live in fear and not do anything because of their poor credit, until now. Now there is hope, we are presenting a leader in the credit restoration business who has many years of experience assisting people with their credit! Get the help you need this tax season, by having your credit repaired.
Mish Shedlock joined us today for an unvarnished look at the US and World Economies. And it ain't pretty. European banks are in a world of pain, with non-performing loans out of control and getting worse, especially in Italy. Employment numbers are weakening as we speak. We might very well be in a recession now, but we probably won't know for another year, when the powers that be tell us what we already know.
BIG PURCHASES AND SPENDING BIG MONEY IS MY TOPIC TODAY ON BLOGTALKRADIO. Making large purchases like buying a home or a car can be a hugh challenge for a first time buyer and even a second time buyer. Every time you sign a contract to make a large purchase you must know your responsibilities to fulfill that financial obligation. Every day unsuspecting consumers sign contracts for large purchases that will require payments as stated on a weekly, monthly or annual basis. Not making the payment will be an issue. That issue can follow you for a long time on your credit report. And, let's face it. You are your credit report. An example of a big purchase that can follow you for most of your life is a student loan. College student loans don't just disappear. They must be paid or forgiven based upon the college student graduating and becoming employed in a sector of society recognized by the student loan forgiveness program. You are listening to BlogTalkRadio. I'm Laura Gall. Thank you for listening.
Millenials today are struggling to survive. If they are lucky enough to graduate from college, they are usually faced -- after graduation -- with paying down huge student loans while trying to enter a job market that has few jobs available. They may have to take a low-paying job or an unpaid internship. Today we will ask several millennials to describe the difficulties they face as they seek to start or advance their careers. Two or three experienced professionals will act as mentors, sharing career-advancement strategies that might work.
The Boston Celtics are back on the road Friday evening, versus LeBron James and the Cleveland Cavaliers. The Celtics Post-Game Show will have your post-game needs covered.
CLNS Radio's Celtics Postgame Show is powered by Lynda.COM (claim free trial) and Audible (Claim Free Trial here)
Brad Stevens and the Boston Celtics square off against Cavs at Quicken Loans Arena. Matt Rury, Nic S'cento and Max Sandgrund will be in the broadcast booth and taking your calls throughout.
Don Houston author of the book WOMEN CAR BUYING SECRETS and host of the national automotive radio talk show "The Car Man Show " will discuss a chapter from his book 50 things every woman should know about car buying. He will hightlight 15 of the 50 things that women car buyers need to know. This show is a must for woman car buyers.
in Real Estate
Kellen Jones whose name is ubiquitous in the world of private lending in the West and Southwest joins Think Realty host Matt Benson to talk private capital and explain how it’s done in the world of private lending.
Jones has personally seen over $500 million dollars in private loans transactions and has a wealth of experience in lender relations, underwriting, marketing and originations.
He serves as Executive Officer and Co-founder at Fundingdatabase.com and Chief Operations officer at Cash Private Capital.
:Clayton Homes, the nation’s biggest homebuilder, which is controlled by its second-richest man — Warren Buffett.Buffett’s mobile home empire promises low-income Americans the dream of homeownership. But Clayton relies on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance, an investigation by The Center for Public Integrity and The Seattle Times has found.
Clayton Homes’ finance companies have operated in the highly-regulated mortgage lending industry for more than 40 years. Just 90 days ago, The New York Times wrote, “what distinguished Clayton Homes was that its financing division, unlike that of competitors did not engage in predatory lending or exploit its customers’ naiveté`.” Berkshire Hathaway
With the ease of access of downloading songs online, viewing videos on demand via YouTube and music sharing on social networks, one can only imagine the music business is at a real crossroad. Yesterdays techniques for recovering cost no longer applies, record companies must move to more innovative methods in how to market to this ever-evolving Business.
Independent labels as well as the Majors are taking careful measures in where they place their money and what artists or bands they sign. Many of them are embracing the 360 Record contact Deal. Tonight we will explore the tactics in which the industry is taken to to turn a profit in today’s music business
To Participate call: 213-559-2995
Showtimes: 8pm Est| 7pm Cst| 6pm Mst| 5pm Pst 24/7 access
Upload your Mp3 www.hiphopnational.com
The non-performing loan market has swelled in the past few years. Several billion are sold every quarter just from the GSEs and HUD. However, the secondary market has become very competitive and buyers need unique strategies and partnerships to acquire notes at more competitive price. Aligning with a non-profit can be beneficial to both the investor and the non-profit. Many loans are sold from HUD with specific outcome requirements that create a unique secondary market for the right partnership.
Joining the podcast is Tim Hayes with Southside Community Development. Tim works to partner investors and non-profits together in order to become qualified buyers NS Capitals non-performing loan and REO portfolio.