TribalElder |
07-18-2015 12:21 PM |
Quote:
Originally Posted by lewdog
(Post 11604848)
We bought a house for higher than it's appraised value. We simply covered the $5k difference because we wanted the house and we had a conventional loan even though we were first time home buyers. Not sure if an FHA loan changes anything, but it's likely they won't have the funds to bridge the gap between the appraised value and the market value....unless I am missing something?
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FHA loan has stricter requirements on values I believe
Also people only need 3% down whereas a conventional loan requires 20 I believe.
Also,FHA loan users have to pay PMI points for the life of the loan now. It used to only be 60 months minimum and 20% equity in the appraised / purchased value.
PMI is the scam they use to allow others to put 3% down. It supposedly helps when people default.
I only put down 10% so I got hit with PMI but I'm already past the equity requirement which is when I found out about the 60month minimum.
I'm not a real estate broker or involved in the biz but I've bought 3 houses and sold 2 so there is that.
Hopefully things work out for you and you can sell in all honesty. Best of luck, where you going to move to?
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