what is the difference between pmi and mip
They are basically all of the same thing. PMI stands for Private Mortgage Insurance. MIP stands for Mortgage Insurance Premium. And of course, most simply put is Mortgage Insurance. Then there is USDA which has a yearly funding fee, which is basically the same things. The mortgage companies will take our...

How hard is it to get a homepath loan?
Homepath can be difficult but all depends on the borrowers current situation and credit history. If you fall within the qualification limits then you're ready to move forward.

If my LTV is at 50% will my down payment or rate be lower?
I feel like this question is geared toward potentially refinancing your house, is that correct?If that is the case then you acutally won't need a down payment as you can roll all of the costs of the loan into the refinance. As far as rate goes it depends on where your current interest rate is at. If you'd...

are 203k loans available to first time buyers??
Jess-It sounds as if your friends bank has overlying guidelines. That is however not a guideline of all banks. I am able to lend as much as you qualify for. With a 720 credit score and if you have the income as well you can afford to buy any house that you qualify for. Regardless of the purchase price. If you'd...

How much can be gifted for a 5% down home loan arizona?
Juan-I have a conventional loan avialable that will allow all 5% to be gifted. The more you put down though, the lower your payment, if you're able to put 20% down, you will not have any mortgage insurance. I can be reached at 208-818-3768 and I am able to write loans in all 50 states. Our rates are low, our...

How much is mortgage insurance on conventional loans
Mortgage Insurance is much less on a conventional loan than FHA loan. FHA is strickly 1.35% yearly. i.e. Loan amount of 100K x 1.35%= 1350 / 12(months) =112.5/month.With 5% minimum down payment. With your credit score you are looking at 100K x .89% = 890 / 12 (months) = 74.16/month.Monthly savings of 38.34. What...

Can I do a 203k mortgage still with only 3.5% down?
Ariane-Linda is correct. I would do your research on 203K though and make sure to talk with your Loan Officer as well, there are lenders that specialize in this exact loan type and that is what I would suggest going with if it is the route you want to go down. I will tell you it is much more grueling, tedious,...

steps needed for transferring a VA mortgage - please help
I would personally suggest allowing you son to simply purchase your home. Gift him 20% equity and he can use his VA eligibility. It would not tie up your VA eligibility. Call me to discuss if you'd like 208-818-3768 abyrd@goldwaterbank.comNMLS 1117336

What are mortgage discount points and should I pay them?
When paying points you are basically buying down your interest. The points flucuate on a daily basis and a par is at 100 (no points) 99 will get you a lower interest rate but you will pay for it. 101 will get you a higher interest rate but your lender will be able to credit back money towards closing costs (not...

requiirements for getting 0 down usda?
The income requirement is different from county to county throughout the state. Based on your credit score and your income you should have no issues qualifying. Check out the USDA website that shows the income requirements by county for Idaho. Here is it: http://eligibility.sc.egov.usda...