Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-26-2008, 07:54 AM
 
Location: Broward County
2,517 posts, read 11,018,000 times
Reputation: 1391

Advertisements

This is what my mortgage broker told me and I just want to make sure she is not full of ca-ca.

Thanks
Reply With Quote Quick reply to this message

 
Old 11-26-2008, 09:50 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,828,492 times
Reputation: 958
Depends on which state your in. Minimum borrower contribution will always be 3%, but depending on which state and loan amount the amount of that 3% that goes towards your down payment will vary.

[CENTER]Maximum Loan-to-Value Percentages[/CENTER]
[SIZE=3](Purchase Transactions Only on Proposed and Existing Construction)[/SIZE][/CENTER]
[SIZE=3] [/SIZE][/CENTER][/CENTER]
[SIZE=3]States with Average Closings Costs At or Below 2.1 Percent of Sales Price[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]·[/SIZE] [SIZE=3]98.75 percent: For properties with values/sales prices equal to or less than $50,000.[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]·[/SIZE] [SIZE=3]97.65 percent: For properties with values/sales prices in excess of $50,000 up to $125,000[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]·[/SIZE] [SIZE=3]97.15 percent: For properties with values/sales prices in excess of $125,000.[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]States with Average Closings Costs Above 2.1 Percent of Sales Price[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]·[/SIZE] [SIZE=3]98.75 percent: For properties with values/sales prices equal to or less than $50,000.[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]·[/SIZE] [SIZE=3]97.75 percent: For properties with values/sales prices in excess of $50,000.[/SIZE]



As you can see there is not one situation where the down payment is 2.5%.


After 01/01/09 the down payment requirement will be 3.5%. This applies to new FHA case numbers assigned after that date. If you start the process before the end of the year, find a home and get an offer accepted, and have an FHA case number assigned it does not need to close before the 1st although some lenders may require it.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 10:38 AM
 
Location: Broward County
2,517 posts, read 11,018,000 times
Reputation: 1391
I wonder why she is telling me 2.25% I am in Florida and all her GFE's reflect this. She is no dumby either.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 10:43 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,828,492 times
Reputation: 958
Quote:
Originally Posted by heydade View Post
I wonder why she is telling me 2.25% I am in Florida and all her GFE's reflect this. She is no dumby either.

If FL is a high cost closing state and the loan amount is over $50,000, then the down payment would be 2.25% but the minimum borrower contribution is still 3%.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 10:44 AM
 
Location: anywhere
1,731 posts, read 4,668,340 times
Reputation: 1889
Quote:
Originally Posted by heydade View Post
I wonder why she is telling me 2.25% I am in Florida and all her GFE's reflect this. She is no dumby either.
Are you sure she isn't listing it as upfront MIP? Other than that I got nothing. Except to say if this is S. Fla it explains a lot.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 10:59 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,828,492 times
Reputation: 958
UFMIP is currently 1.75%.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 11:02 AM
 
Location: Broward County
2,517 posts, read 11,018,000 times
Reputation: 1391
GFE says MIP is 113.51 per month based on 249K purchase price. Does this make sense ?
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 11:17 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,828,492 times
Reputation: 958
The upfront mortgage insurance is different from the monthly mortgage insurance premium. The UFMIP (or funding fee) will be disclosed under the funds needed to close section as opposed to the total estimated monthly payment section located towards the bottom of your GFE. Based on your purchase price, assuming 3% down, the UFMIP would be 4226.78. The monthly MIP sounds about right.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 12:33 PM
 
Location: anywhere
1,731 posts, read 4,668,340 times
Reputation: 1889
Quote:
Originally Posted by Daddys///M3 View Post
UFMIP is currently 1.75%.
True but you would be surprised how many loan officers are getting it wrong. That's why I asked if maybe that is what she was quoting.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 12:52 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,828,492 times
Reputation: 958
Quote:
Originally Posted by Kathleen1971 View Post
True but you would be surprised how many loan officers are getting it wrong. That's why I asked if maybe that is what she was quoting.
I probably wouldn't be. The only other thing I can think of is the OP is paying their own closing costs, and that is what is making up the remainder of the minimum borrower contribution.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top