DallasLoanGuy, Thanks for your reply
yes, they did offer me 6.875% with fha, and there will PMI add to it each month. I considerated the conventional b/c I know that I can cancel the PMI whenever the home equity reaches 20% , and this can done by pay up to 20% or have an house appraisal done. with fha I have to refinance to cancel PMI, right? Plus I heard there're lots more of paper works add to it. 
typ0810 wrote:DallasLoanGuy, Thanks for your replyyes, they did offer me 6.875% with fha, and there will PMI add to it each month. I considerated the conventional b/c I know that I can cancel the PMI whenever the home equity reaches 20% , and this can done by pay up to 20% or have an house appraisal done. with fha I have to refinance to cancel PMI, right? Plus I heard there're lots more of paper works add to it.
no, pmi goes away on fha too. when you get to 78%
also, pmi is less on fha.
6.875% huh? with or without origination fee / discount fees?
what are the total fees in the 800s section of the gfe?
no, fha loans are as easy as conv. if th property is ok.
WAIT, I thought it was a manditory 5 years for FHA that you pay PMI?? I asked on here probably 2 weeks ago and that was what i got. Confused?!?!
DallasLoanGuy wrote:
typ0810 wrote:DallasLoanGuy, Thanks for your replyyes, they did offer me 6.875% with fha, and there will PMI add to it each month. I considerated the conventional b/c I know that I can cancel the PMI whenever the home equity reaches 20% , and this can done by pay up to 20% or have an house appraisal done. with fha I have to refinance to cancel PMI, right? Plus I heard there're lots more of paper works add to it.no, pmi goes away on fha too. when you get to 78%also, pmi is less on fha.6.875% huh? with or without origination fee / discount fees?what are the total fees in the 800s section of the gfe?no, fha loans are as easy as conv. if th property is ok.
melissacmm wrote:WAIT, I thought it was a manditory 5 years for FHA that you pay PMI?? I asked on here probably 2 weeks ago and that was what i got. Confused?!?!
DallasLoanGuy wrote:
typ0810 wrote:DallasLoanGuy, Thanks for your replyyes, they did offer me 6.875% with fha, and there will PMI add to it each month. I considerated the conventional b/c I know that I can cancel the PMI whenever the home equity reaches 20% , and this can done by pay up to 20% or have an house appraisal done. with fha I have to refinance to cancel PMI, right? Plus I heard there're lots more of paper works add to it.no, pmi goes away on fha too. when you get to 78%also, pmi is less on fha.6.875% huh? with or without origination fee / discount fees?what are the total fees in the 800s section of the gfe?no, fha loans are as easy as conv. if th property is ok.
yes, sorry. there is. most people wont get to 78% that soon.
if you intend on paying down that fast, then conv is a real consideration.
DallasLoanGuy wrote:
melissacmm wrote:WAIT, I thought it was a manditory 5 years for FHA that you pay PMI?? I asked on here probably 2 weeks ago and that was what i got. Confused?!?!
DallasLoanGuy wrote:
typ0810 wrote:DallasLoanGuy, Thanks for your replyyes, they did offer me 6.875% with fha, and there will PMI add to it each month. I considerated the conventional b/c I know that I can cancel the PMI whenever the home equity reaches 20% , and this can done by pay up to 20% or have an house appraisal done. with fha I have to refinance to cancel PMI, right? Plus I heard there're lots more of paper works add to it.no, pmi goes away on fha too. when you get to 78%also, pmi is less on fha.6.875% huh? with or without origination fee / discount fees?what are the total fees in the 800s section of the gfe?no, fha loans are as easy as conv. if th property is ok.
yes, sorry. there is. most people wont get to 78% that soon.if you intend on paying down that fast, then conv is a real consideration.
Yes, either I'll pay down as fast as I can or have house appraisal done to increase the equity, so that I don't have to pay extra money every month.
so is 7.125% ok to go with?