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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?
For the latest Valencia real estate news - make sure you click on the preceding link.
It seems there is a drive to get FHA to start moving forward again with the reapproval of the condo and townhome complexes that lost their eligibility back during the last crash of the real estate market.
We are the Valencia CA realtors serving our real estate clients in the Greater Los Angeles Areas. Be safe - Search well.
We are the Paris911 Team of Realtors. Thanks for listening
Please join me and my guest "Steve Reed' as we discuss the many ways a pre-approval can turn into a denial.
STUDENT LOANS - A College Degree is No Guarantee
1. Unemployment of Black College Students - In 2013, 12.4 percent of black college graduates
between the ages of 22 and 27 were unemployed. For all college graduates in the same age
range, the unemployment rate was 5.6 percent.
2. Underemployed Black College Students - In 2013, more than half (55.9 percent) of employed black recent college graduates were “underemployed” –defined as working in an occupation that typically does not require a four-year college degree. Even before the Great Recession, almost half of black recent graduates were underemployed (45.0 percent in 2007).
3. A Solution to the problem
Mark Jury, principal at Guardian Investment Banking joins the broadcast to discuss recent trends in non-performing and re-performing residential mortgage loan securitizations.
Mark is responsible for Guardians residential investment, servicing, advisory and capital markets business.
A purple line station? Proposed FBI relocation in Springfield, Virginia or Prince Georges County, Maryland. Sales Tax Holidays in Maryland and Virginia, DC Restaurant Week, Alexandria Restaurant Week, County Fairs, Epicurience Virginia: A Wine and Food Festival. Special Guest Speaker for Real Estate Minute: Frank Kolencik of George Mason Mortgage on renovation lending
in Real Estate
Ron Siegel of Anaheim Hills CA, Kamy West of San Clemente Ca and Lance Indes of Brea CA, discuss current events, financial markets, politics, and even poking fun at the rest of the media in a live radio broadcast from Anaheim CA.
Ron, Kamy and Lance discuss: Natural Hazard Disclosures, Home Owners Who Should have and didn’t Lost $11,500, 3 Things Homebuyters should know, but don’t, Retirement Regrets, Your Credit Matters, Real Time Real Estate, Word on Wealth, Soon to be Retirees need to Keep an Eye on this, and so much more.
Featured Property: 3 Bedroom Home for Sale in La Quinta CA presented by Bruce Cathcart of La Quinta Palms Realty in La Quinta CA.
Ron Siegel, consumer advocate and mortgage lender, discusses anything that affects the roof over your head, your bank account or other items that will benefit you / your family.
Reach Ron at
We're trying to get through this maze called life and what crucial information are we lacking?
Please join us and if you can't, contact us for a free informational meeting.
There's a lot of needless fear and bad feelings about money.
We go to school. We get English, Math, Science, History. What course don't we get? Anybody ever take My Money, Money 101, Building Wealth?
We use money every day, all day. And no course? What's up with that?
Tomorrow night we'll get the essentials --and solutions for:
– Reducing taxes (and give yourself a pay raise)
– Reducing credit card debt, student loans
– Saving up to $150/month on Auto/Home and Life Insurance
– then using that money to maximize your Roth IRA, 401 (k), your NYS pension plan, Start a 529 College Savings plan for your kids
Let's get financially well:
In the Capital Region, come to the Family Money Fair at the Rotterdam Library Wednesday night July 30, 1100 N. Westcott Road, from 6-7:30, drop in. Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, the must-have guide. bitly.com/yourmoneyny
See you Wednesday.
in Real Estate
My Phoenix Home is not Selling what should I do...Downtoewn Phoenix
It can be very frustrating when you are faced with not being able to sell your home or find the right buyer. I will also be covering the things that you can do to help sell your home. It is the little things that help sell your home and there is some level of responsibility on your part to help sell your home. Alisha will also be going over downtown phoenix and all that it has to offer a home buyer.
Today's special guest is Mitch Kider of Weiner Brodsky Kider located in Washington DC. Here are the topics we will be covering on today's broadcast:
What are some of the do’s and don’ts of branch manager compensation?
What is the difference between a producing branch manager and a non-producing branch manager
What are some other recent regulatory issues?
CFPB’s proposed rule on internet anonymous complaints
Large banks stating that they are going to exit or substantially reduce their FHA business
HUD’s task force – false claims suits and investigations
Operation choke point – DOJ and other regulators telling banks not to lend to certain business lines
CFPB’s HMDA proposed rule
DON'T MISS THIS IMPORTANT BROADCAST!
Created BY mortgage professional FOR mortgage professionals, Lykken on Lending is a weekly 60-minute radio program hosted by mortgage veteran, David Lykken. Joining the program each week is Joe Farr with a MARKET UPDATE, Alice Alvey providing a LEGISLATIVE UPDATE, Paul Muolo of Inside Mortgage Finance giving a quick MTG NEWS HEADLINES update, Andy Schell (a/k/a "The Profit Doctor") providing tips on FINANCIAL MANAGEMENT and TONY GARRITANO providing a TECHNOLOGY UPDATE. This is followed by the HOT TOPIC segment, which is an in depth discussion about one of the hottest topics related to the mortgage industry.
PHH MORTGAGE MISSED PAYMENTS ON FHA LOAN THREATENED FORECLOSURE AFTER REFUSING TO POST PAST DUE PAYMENTS CONSUMER RIGHTS VIOLATIONS
"the daily complaint"
Every weekday we will be answering client complaints on THE DEBT SHOW to provide direction and resources for both the person complaining as well as other consumers experiencing similar issues whether it be mortgage fraud, loan servicing escrow issues, loan modification runarounds or denials, short sale refusals, deed in lieu negotiations and credit card debt collector abuses and fraud violations.
I routinely look for posts to answer in hopes that it will not only bring optimism to those homeowners and borrowers in distress but also some basic information to assist in fighting the banks that are "too big to fail" like Bank of America and Citi but yet don't appreciate the bailout that we provided in their time of need. The debt collectors like Ocwen and Nationstar are simply just scumbags but they can be beat at their own game too just like the big banks can be defeated.
We are committed to answering consumer complaints and addressing everyday credit and debt issues on THE DEBT SHOW!
We hope you enjoy THE DEBT SHOW...
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