FHA rates - are you KIDDING me???

[Anonymous]

I really do love our LO. He just called - 4:45 on a Friday; I figured it COULDN'T be good news. He was just calling to tell me that we locked in at the best time because rates today are back up at 7.5% at par. Holy frickin cow. I've been wondering the last few days if we could have done better than 6.125% if we had held on...now I'm so glad we didn't.

[kumiyer]

Going the FHA route... is it also true that apart from the up-front MIP of 1.5%, you cannot cancel the monthly MIP even after the LTV is less than 80% ??

I think I read somewhere while googling that you are stuck with paying the monthly MIP for the life of the loan - just wanted to confirm.

I have a little more than 5% down and have above average credit scores......thinking if I should get a FHA or a conventional loan !!

Also if you get a FHA now, can you refinance down the road with a conventional loan ??

thanks

Message Edited by kumiyer on 10-28-2008 03:12 PM

[DallasLoanGuy]

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@kumiyer wrote:

Going the FHA route... is it also true that apart from the up-front MIP of 1.5%, you cannot cancel the monthly MIP even after the LTV is less than 80% ??

I think I read somewhere while googling that you are stuck with paying the monthly MIP for the life of the loan - just wanted to confirm.

I have a little more than 5% down and have above average credit scores......thinking if I should get a FHA or a conventional loan !!

Also if you get a FHA now, can you refinance down the road with a conventional loan ??

thanks

Message Edited by kumiyer on 10-28-2008 03:12 PM

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1. The PMI goes away when you pay down to 78%

2. A good loan officer will show you both options, FHA & Conv. 

 

[Anonymous]

Does anyone know the current FHA interest rates?

[WannaHouse]

check bankrate.com for current rates. They have been right around 5.5%

[DallasLoanGuy]

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@WannaHouse wrote:
check bankrate.com for current rates. They have been right around 5.5%

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or

 

check bankrate and add .25%+ for fudging.

*snicker*