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Feb 8, 2016
3:25
:36
pm
TeeKaa
All-American
PMI or MIP are a real $ anchor in this case.
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TeeKaa
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TeeKaa
Joined
Jun 11, 2003
Last login
Jun 19, 2024
Total posts
10,140 (161 FO)
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Messages
Author
Time
Want to sell a home to our kids, the most effective way for them
TeeKaa
2/8/16 3:16pm
<< Deleted >>
CDV
2/8/16 3:18pm
FHA loans for first time home buyers only require 3.5% down
CSoul
2/8/16 3:18pm
PMI or MIP are a real $ anchor in this case.
TeeKaa
2/8/16 3:25pm
Why? You factor it in to the effective rate just like anything else. This
CSoul
2/8/16 3:27pm
Not a deal breaker; just more costs for them.
TeeKaa
2/8/16 3:58pm
May be a deal breaker. $5600 up front and $2800 per year is a big dent to them.
TeeKaa
2/8/16 4:22pm
Lenders dont really like to do cash out refis these days.
BYUinTX
2/8/16 3:22pm
Not true at all
Paul Hewson
2/8/16 4:26pm
Are you in Utah? If so, could they go through MACU for 100% 1st time buyer loan
Tokolosh
2/8/16 3:28pm
I used this loan. No mortgage insurance either.
scrubbed03
2/8/16 3:51pm
Best program in the country IMHO
Tokolosh
2/8/16 4:02pm
Seriously. It was awesome! Highly recommend
scrubbed03
2/8/16 4:20pm
3.75% No Cost 30 Year Fixed
breakingblue
2/9/16 7:54pm
California
TeeKaa
2/8/16 3:56pm
Might still be eligible, they are regional, but CA property values might be high
Tokolosh
2/8/16 4:01pm
They're not in CA unfortunately and not quite high enough, also unfortunate.
TeeKaa
2/8/16 4:14pm
They have branches in New Mexico. Is that loan program Utah specific or MACU
LaserCoug
2/8/16 5:57pm
I assume they can do loans where ever they have branches.
Tokolosh
2/8/16 6:12pm
not sure what the equity position is but i believe it would be considered
OC_Ute
2/8/16 4:15pm
With change of ownership, I think the state/local gov't will want to get their
Iman23
2/8/16 4:24pm
Gift the equity for down payment and closing cost
Paul Hewson
2/8/16 4:25pm
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