All Posts Tagged With: "down payment"
Should The FHA Insure Luxury Condo Loans?
Last week Senator Charles Schumer (D-NY) announced an effort to increase the size of FHA builder loan guarantees for new housing units in major cities. Now Bloomberg News is reporting that FHA loans are being used to finance the acquisition of luxury apartments in New York. “The Federal Housing Administration agreed in March to insure [...]
17Aug2010 | Peter G. Miller | 0 comments | Continued
What’s a Hard Money Mortgage?
When we think of mortgages we usually think of long-term financing insured by the FHA, VA or with private mortgage insurance. If we have enough cash for a down payment of at least 20 percent then we don’t need mortgage insurance and can just get a conventional loan. However, there are situations where owners run [...]
12May2010 | Peter G. Miller | 0 comments | Continued
What’s A Foreclosure Purchase Mortgage?
In the world of real estate and foreclosures there’s a financial creature called a “purchase money mortgage.” This is the financing used to acquire a home rather than money to refinance the property or add improvements. At first it might seem that a purchase money mortgage was the same as any other financing but that’s [...]
11May2010 | Peter G. Miller | 0 comments | Continued
How Can We Slash Mortgage Insurance Costs?
Private mortgage insurance companies are the private-sector equivalent of the VA and FHA. Such insurance allows individuals to borrow with little down — but only if they pay a premium for such coverage. How It Works Some important points about private mortgage insurance (MI) include: MI companies are state regulated, not federally regulated. State regulation [...]
26Apr2010 | Peter G. Miller | 0 comments | Continued
How Much Down Do I Need With FHA Financing?
At this time, the down payment formula is essentially 3.5 percent down for those with a credit score above 580 and 10% for individuals with a credit score between 500 and 579. If you borrow $100,000 under the FHA program, you would need about $3,500 for a down payment in the best case. Be aware [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
Can VA Status Help An FHA Borrower?
For many years VA-qualified borrowers could obtain FHA financing with a lower downpayment. The way the system worked, FHA borrowers were required to have a down payment equal to 3 percent of the first $25,000, 5 percent of the next $100,000, and 10 percent of everything higher. With a VA certificate, the 3 percent down [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
How can we come up with a real estate down payment without selling our stock?
This is a delightful problem. A home purchase typically requires either a sizable down payment, say 20 percent, or some form of backing by a third-party — perhaps the FHA, VA, or a private mortgage insurance (MI) company — to buy with less down. With a third-party, loans with 15, 10, 5, 3.5 and even [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
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