FHA Mortgage Questions

Hello Randy,FHA will also charge you an Upfront Mortgage Insurance Premium which I can finance into the loan, therefore you will not have to come up with it in cash and it does not significatly change your monthly payment. It makes sense for you to get a pre-approval letter upfront as all agents and sellers will require it when you make an offer. I can issue that for you after a 20 minute on the phone.I am local to Reno so do not hesitate to contact me directly with any questions. Todd A. YankovMortgage Advisor

Depending on your credit score, you can go conventional financing with as little as 5% down. VA offers zero down loans, as well as USDA. HomePath homes require 3% down, and no monthly mortgage insurance. So there are many options available to you. As far as whom you should see for your loan... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi randy-7, you can contact any mortgage lender that offers FHA financing. There are 2 other programs that offer a lower down payment, VA if you're a Veteran....or Conventional financing with 3% down payment (we offer a standard 3% down program in addition ti Homepath n which is for specific properties).

To answer your question you will also pay a upfront mortgage insurance for a FHA loan. This is now 1.75% that is financed in the loan. FHA>Homepath because they require a appraisal to help validate the value of the home you are purchasing. Most companies that can originate FHA loans can close your loan, if you get turned down or if one of your preffered banks can not help you wiht a FHA loan give me a call.

Hi Randy,There is one other option if you have 5% to put down. You can do a conventional loan, skip the upfront mortgage insurance premium which is only required on an FHA loan. Also conventional loans have a lower monthly PMI payment vs FHA and you also have the ability to remove the PMI out altogether from your monthly payment taking a different rate. My suggestion would be to call myself or another professional that can help you weigh the pros and cons of these options since the difference in the amount to put down is only 1.5%. If you cannot come up with the additional 1.5%, and FHA loan is still an excellent route to take. Just keep in mind there are loan limits based on the area you are looking in just like there is with conventional financing. Nicole Francis Broker

Hello Randy,I lend nationwide. There is neither a cost nor obligation for a mortgage consultation and rate quote. I look forward to the opportunity to serve you with all your mortgage needs. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260