1. We had a rental that was discharged in a bankruptcy- is that a foreclosure and how long do you have to wait (we have been told we can do now since its been 2 years, weve been told 3 years, weve been told 4 years).
2. Do you pay upfront in FHA the PMI for the lifetime of the 30 year loan?
I was told it was simpler to get a home loan approved if I used my VA, because the government would back a part of the loan in case it foreclosed so lenders are are willing to lend to someone who uses VA. Also, I was told VA accepts a larger dept to income ratio than the other financing. Are these both right?
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What is this upfront premium for? $3026.00. I was told I would have a flat fee of $440.00 & a Application fee of $620.00 Appraisal of $440.00. I see the amount of the loan is $9000.00 more than my payoff should be? Please only give me answers if your are knowledgeable in this subject. Thank you
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