FHA LOANS - Posted by CHRISTY GIPSON

Real Estate Investing Real Estate Financing
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Posted by dewCO on December 07, 2000 at 22:47:10:

DON’T POST IN ALL CAPS!!!

It’s the up front mortgage insurance charged on all FHA loans. (It has nothing to do with the money the seller is putting up.)

Your down payment is about 3% of the purhcase price and after Jan. 1st the up front mortgage insurance is 1.5% or 1.75% (I forget which) orf your loan amount. So you come out almost at your purvchae price on the loan amount even though there’s been a down payment.

Your realtor and/or lender is remiss if they haven’t explained this to you. If they, have them do it again until you understand it. THAT’s THEIR JOB!!!

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FHA LOANS - Posted by CHRISTY GIPSON

Posted by CHRISTY GIPSON on December 06, 2000 at 22:14:05:

I HAVE MADE AN OFFER TO BUY A HOUSE FOR 107,000 WITH THE SELLER TO PAY 6,000 TOWARDS CLOSING AND DN. PYMT. BECAUSE I DON’T HAVE MUCH MONEY. SOMEHOW I AM STILL FINANCING 107,000.I DON’T UNDERSTAND THIS. CAN ANYBODY HELP ME UNDERSTAND.A FRIEND TOLD ME THAT IT IS ILLEGAL FOR THE SELLER TO PAY ANY OF YOUR DN.PYMT. IS THIS TRUE. THANK YOU FOR ANY HELP WITH THESE QUESTIONS