Comments on: Questions about a FHA loan, Mortgages, and first time buyers? http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/ Get Home, Auto, Student Loans Information Tue, 28 Sep 2010 17:56:09 -0700 http://wordpress.org/?v=2.8.1 hourly 1 By: Red http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/comment-page-1/#comment-5423 Red Fri, 21 May 2010 14:32:01 +0000 http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/#comment-5423 It's MIP for an FHA loan and yes, it will be included in your payment I don't think they loan that high. Last I heard, there was a cap of 250K. If you have good credit then there isn't any use going through a mortgage broker -- unless you want to pay thousands more of closing costs. Like any product you purchase, shop around and questions of Lenders -- get loan fees, charges, and costs up front. FHA only allows certain fees to be charged so check out their website too. It’s MIP for an FHA loan and yes, it will be included in your payment I don’t think they loan that high. Last I heard, there was a cap of 250K. If you have good credit then there isn’t any use going through a mortgage broker — unless you want to pay thousands more of closing costs. Like any product you purchase, shop around and questions of Lenders — get loan fees, charges, and costs up front. FHA only allows certain fees to be charged so check out their website too.

]]> By: godged http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/comment-page-1/#comment-5422 godged Fri, 21 May 2010 14:11:26 +0000 http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/#comment-5422 Unless you put 20% down, you are going to pay PMI. I would strongly suggest that you work with a local lender. I'd start with where you do your banking. Internet lenders have no vested interest in making sure you are satisfied or close on time because their business is not driven by referrals. In my very limited experience with internet lenders, it has never gone well. Local lenders rely on referrals for repeat business, and might run into you at a local store, so they want you to be happy. When shopping for a lender, ask for a GFE (good faith estimate) of closing costs. Of course you are going to want to know your interest rate, but lenders can vary by thousands of dollars in closing costs. Ignoring closing costs can be expensive. Speaking of closing costs, a figure to work from is 3% of sales price. Good luck on your purchase. Unless you put 20% down, you are going to pay PMI.

I would strongly suggest that you work with a local lender. I’d start with where you do your banking. Internet lenders have no vested interest in making sure you are satisfied or close on time because their business is not driven by referrals. In my very limited experience with internet lenders, it has never gone well. Local lenders rely on referrals for repeat business, and might run into you at a local store, so they want you to be happy.

When shopping for a lender, ask for a GFE (good faith estimate) of closing costs. Of course you are going to want to know your interest rate, but lenders can vary by thousands of dollars in closing costs. Ignoring closing costs can be expensive.

Speaking of closing costs, a figure to work from is 3% of sales price.

Good luck on your purchase.

]]> By: maxmom56 http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/comment-page-1/#comment-5421 maxmom56 Fri, 21 May 2010 13:28:40 +0000 http://www.loansreferences.com/questions-about-a-fha-loan-mortgages-and-first-time-buyers/#comment-5421 You pay PMI and you pay all closing costs. The banks are on the website - fha.gov. You pay PMI and you pay all closing costs. The banks are on the website – fha.gov.

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