I’m looking to buy a home for the first time. My buddy at work told me you can add more money to your home loan when u buy your house and the extra money you borrowed you can use to pay your car payment or use to fix the house up. Is this possible using a fha home loan? Example: House= 60,000 Then borrow 75,000 and use the extra 15,000 for home repairs or any unexpected bills.
I have a fantastic credit score and excellent income. Unfortanetly I don’t have much money for down payment. That’s why I am looking into the option of a FHA regime loan but I have to pay for PMI(Confidential Mortgage Insurance), is this a excellent loan? By the way this is a 30 year fixed loan. They also told me about a 40 year loan, is there such a thing like this? What kind of APR I should get an adjustable or fix? Anyone can help. I am first time home buyer.
I am buying a home and its with an FHA loan. The monthly payments will be simple for me to pay but I reflect I can rent it out for way more then the mortgage payments. So I am thinking about renting it but under FHA loans its supposed to be owner occupied. Do they come and check up on you, will they ever even know or find out? What really can they do if I am making all the monthly payments?
Hello All,
I was pre-approved for a home loan, I did some looking and now have the house I want. 30 days later my Mtg Loan is still sitting on an underwriters desk… is this happening to everyone?
Is there anything I can do to speed up the process? .. I am really worried of the seller taking away the house. =0(
Thanks in advance!
After Hurricane Ike I went out of my house and into an apartment. I cant meet the expense of to pay for both so I’m late 3 months on the house. Someone told me that if my house goes into forclosure, I will still owe the FHA loan and the regime will garnish my pay. They also said that a bankruptcy will not cover an FHA home loan. Any help will be GREAT!