Have you considered fha financing but not sure how it works? Is an fha loan the right loan for you? What is mortgage insurance? In this video, Josh Lewis of Buywise Mortgage and I discuss the pros and cons of fha loans.
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What is an fha loan? An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender that allows you to finance up to 96.5%
What is mortgage insurance? fha mortgage insurance (MIP)is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. You typically pay mortgage insurance when you are putting less than 20% down or financing more than 80% on a mortgage.
Can you refinance and get rid of the fha mortgage insurance? Yes, you can refinance out of an fha loan into a conventional loan and get rid of the mortgage insurance if you have 20% equity in the home.
What do you think about fha? Do the pros outweigh the cons? Are there any downsides to fha financing that we missed? Please let me know your thoughts below:
What are your thoughts on the housing market 2020 california, do you think we are in a housing bubble? Do you expect a market crash? What are your predictions for the housing market?
If you have additional questions about fha, please comment below or reach out to me directly. Contact information below:
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
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