All Posts Tagged With: "down payment"
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 [...]
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 not [...]
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 is very [...]
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. If you borrow $100,000 under the FHA program, you would need about $3,500 for a downpayment.
Be aware however, that in addition to the downpayment you will need additional cash funds for closing. How much you need will depend in large part on the [...]
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 [...]
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 and even [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
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