Comments for NC FHA Expert

Comment on FHA Streamline Refinance Change June 11, 2012 by jon

jon — Tue, 15 May 2012 02:16:25 +0000

On this new refi, how many payments in reserve do we need in the bank? It seems like I remember a few years back we needed six months’ payments in the bank.

Comment on FHA Streamline Refinance Change June 11, 2012 by Tanika

Tanika — Mon, 14 May 2012 16:24:19 +0000

I’m in the process of closing on an FHA loan…any hope for me on the PMI?

Comment on USDA Home Loans have PMI? by Eleanor

Eleanor — Mon, 14 May 2012 16:03:22 +0000

Linda – I just noticed you were asking about when you could get the PMI (that you pay monthly) on a USDA Home Loan taken off. That is charged for the life of the loan. It adjusts Annually. So year one (as an example) your balance is $100K. You take the $100,000 mulitply by .3% then divide by 12 – that’s what you are charged monthly. The next year, you’ve made payments, and you might only owe $97K – that’s the number that the .3% is based upon

Comment on What Does Endorsed By May 31, 2009 – FHA Streamline Refinance by Eleanor

Eleanor — Mon, 14 May 2012 15:55:39 +0000

Yes – I’m sure you know the answer. Since you were able to take advantage of the FHA Refinance Program (gladly before the rates went up!) you no longer qualify for the new program in June.

Comment on USDA Home Loans have PMI? by Eleanor

Eleanor — Mon, 14 May 2012 15:53:57 +0000

Per FHA’s Mortgagee letter of 2000-38, Mortgages Endorsed after January 1, 2001 can have their annual insurance premium (that FHA PMI you are paying each month) dropped off. FHA does NOT make the call – the Bank you are making your payments to decide – however, the exact “guidance” from FHA says: “Cancellation of the annual mortgage insurance premium after the loan amount is reduced to 78% or less of the property value (based on the lower of the sales price or appraised value at origination)” This is pretty significant. It’s saying that you don’t have to reach 78% of TODAY’s Value – only 78% of the ORIGINAL appraised value or Sales Price! Good Luck!

Comment on FHA Streamline Refinance Change June 11, 2012 by Eleanor

Eleanor — Mon, 14 May 2012 15:45:07 +0000

We can help you in Georgia. It will depend on when FHA Endorsed your Mortgage. We will contact you directly to get some additional information. Thanks!

Comment on FHA Streamline Refinance Change June 11, 2012 by Eleanor

Eleanor — Mon, 14 May 2012 15:44:28 +0000

Eric, unfortunately, it is bad timing. That’s why I started putting information out there so early about the upcoming change.

Comment on FHA Streamline Refinance Change June 11, 2012 by Eleanor

Eleanor — Mon, 14 May 2012 15:43:38 +0000

Yes – If your mortgage was endorsed prior to December 8th, 2004, you will still receive a refund of a portion of it.

Comment on FHA Streamline Refinance Change June 11, 2012 by mark

mark — Sun, 13 May 2012 01:30:24 +0000

Hi i have a question about the up front pmi does this mean that if we qualify we will get some of the original upfront pmi back

Comment on FHA Streamline Refinance Change June 11, 2012 by Mohammed Mehedi Hassan

Mohammed Mehedi Hassan — Sun, 13 May 2012 00:29:43 +0000

I have FHA loan, Which was refinanced 4/28/2009. Initial amount is 120,886.00. It was 6%.
now . I want to refinance. I have excellent credit score which is 775. This is single family home.
I am living in Georgia. How can you help me. My email is 123sujon@gmail.com