Reply With Quote
It's PMI or Private Mortgage Insurance.
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value.
What is TMI?
It's PMI or Private Mortgage Insurance.
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value.
All the best to you Ginofan. I hope you find a house you love at the price you want to pay.
That doesn't sound good.
oh yeah, sorry, lol PMI. correct. If you can avoid this it really helps.
What sounds worse is people being 100% financed on 80/20 mortgages and getting around PMI.
But then what would be the point of maintaining your credit? Zero down home purchasers aren't the main people losing out these days. Poor credit risks with zero down are the problem.
That's what I meant
Because she's never, ever capable of gving advice on anything? Typical.
Ugh. whatever. I work for a non-profit agency that does FTHB programs. I gave her a phone number for it.
For the most part yeah.
Your comment is equally typical....you love to step right up and ridicule my posts but then refuse to back it up when I call you out. When has Ash ever given sound advice here....or taken it.
So can go there if she wants she can skip it if she wants. I myself have never done any counseling nor been to counseling. I know what is involved in it, so I told her. I think it's a good thing for anyone to do.
I'm only partially familiar with your company so I can't say. I don't think there is anything wrong with you passing on the number. Not to mention I was, for the most part, just taking a jab at you for entertainment purposes.
So I figured.
lol ashbeeigh
A few quick things to point out if your a first-time home buyer:
-Congress just pasted as part of the new stimulus package a credit where you get up to a free $8000 (10% of the home's cost) from the government for buying your first home. If you plan on buying in 2009, you can amend your 2008 return to receive the free money. So even if you purchased a house for $125000, and had to put 10% down, the free $8000 would really make the down payment more intriguing. I do believe there are some lenders are still allowing for 3.5% down based on your credit scores, but most banks are 10%+.
-If you itemize your deductions, you can now right off your PMI premiums in addition to your proerty taxes and insurance (Primary home only).
-If you do buy, don't forget to file you're Homestead Exemption to save.
Also, if you need an agent to help you through the process I have a solid referral. I just purchased a home back in April.
How can you amend your 2008 return to reflect a home you have yet to purchase? I'm not buying this. This would in fact solve my problem if it could be done.
Albeit a tad less than 2 years ago and things are quite different now, I bought my first house with 0 down without any issue at all... got great rates at the time, especially for our age, etc. I won't say it is possible now, but it was very possible at one point.
The Stimulus package was setup to stimulate the economy. If people have the incentive of recouping $8000 almost immediately versus waiting a year it would help turn the market around which is the point of it to begin with. I didn't write the legislation but feel free to Google it.
Also on a side note, Congress is also working with national real estate associations to possibly extend the credit to all primary home buyers instead of just first-time buyers. They almost pasted the stimulus package for a $15000 credit (up to 10% of the home value) but it was part of a compromise at the late stages of negotiations between our great politicians.
Good luck...
Unless it has changed since last year (I bought a house in april), you will need 3% down for FHA loans. I am pretty sure, considering the market, that you will need to do an FHA loan because you will not get mortgage insurance without a 680 or better and you need mortage insurance to get a conventional loan. FHA is actually pretty good, it is usually about a quarter point above what the lowest conventional rate is, and you have a smaller down payment. The only drawback is their mortgage insurance (called MIP). It is not that it costs a lot, but you cannot take it off until you reach 78% LTV, AND 5 years have passed. With a conventional loan you can take it off the moment that your LTV reaches 80%.
Also, home prices are rising here in San Antonio so be ready to do some shopping. I bought my home for 138k last april, and zillow.com is showing its estimated price being 158k (it showed that it was worth 139 when we bought). I hope this helps.
You can only qualify for the amendment on the 2008 return if you in fact close on a house. You don't qualify for the money on the assumption that you're going to buy. IE to use the money as a downpayment.
So unless you know of something I don't my assumption is correct and you won't qualify until the purchase is made. At that point you can amend the 2008 return.
I've found nothing to support that claim.If you plan on buying in 2009, you can amend your 2008 return to receive the free money
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the le to the property transfers to the home owner.
Here's a link the is pretty helpful.
http://www.federalhousingtaxcredit.com/2009/faq.php#20
Of course you must close on the house in order to get the credit, but if you are dumping all your savings in order to buy the house, the $8000 will help replnish your account. If you amend your 2008 and e-file you'll get these money in a matter of weeks. With that said if you don't have enough cash to get you through closing you shouldn't buy. Also, you can structure the sales contract to where the seller pays your closing fees (a max 6%) to help with the cash situation.
I misunderstood you then.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions