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What they don't explain - you have to pay ($400 to $500) for the appraisal, done by an appraiser of choice that the lender selects. The appraiser will be working for the bank (if he wants future business from them). He will be very conservative on the values of other homes around yours.
Yeah I'm confused by that one as well...although I guess the real question is whether that is actually a realistic scenario, since why would someone putting 50% down get an FHA loan?
Not sure about 50%, but the way I understand it you would still have to pay PMI (err, mortgage insurance) for at least 5 years on an FHA loan even if you put 17% down.
Yeah I'm confused by that one as well...although I guess the real question is whether that is actually a realistic scenario, since why would someone putting 50% down get an FHA loan?
Not sure about 50%, but the way I understand it you would still have to pay PMI (err, mortgage insurance) for at least 5 years on an FHA loan even if you put 17% down.
This is correct, but a bit oversimplified - the MIP is graduated, those who put 3.5% down pay a higher premium than those who put 10% down. And on a 15 year loan with 10% down, there is no MIP.
Putting 50% or even 17% down on an FHA loan aren't realistic scenarios.
The fees are higher on FHA loans, and someone who can afford 17% down on an FHA loan can very likely go conventional with lower fees, and no MIP.
With sufficient thrust, I'm sure you could ride a flying pig to work, but my neighbors drive cars.
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