Comments on: Hope for Homeowners & FHASecure Help Homeowners Refinance Risky Loans http://www.infotube.net/blog/2008/10/hope-for-homeowners-fhasecure-help-homeowners-refinance-risky-loans.html The InfoTube.net Real Estate Blog gives you an insider look at selling and buying homes for sale. Fri, 09 Jan 2009 20:35:53 +0000 http://wordpress.org/?v=2.6.1 By: Homeland Assistance http://www.infotube.net/blog/2008/10/hope-for-homeowners-fhasecure-help-homeowners-refinance-risky-loans.html#comment-783 Homeland Assistance Sun, 16 Nov 2008 05:03:36 +0000 http://www.infotube.net/blog/?p=369#comment-783 I always love your blog. I think you really get a strong perspective of what is really going on. I have content on my site and wanted to show you it! We have alot of information on Foreclosure and any news around it! Thanks. www.homelandassistance.com I always love your blog. I think you really get a strong perspective of what is really going on.

I have content on my site and wanted to show you it! We have alot of information on Foreclosure and any news around it!

Thanks.

http://www.homelandassistance.com

]]> By: Tommi Crow http://www.infotube.net/blog/2008/10/hope-for-homeowners-fhasecure-help-homeowners-refinance-risky-loans.html#comment-776 Tommi Crow Tue, 07 Oct 2008 15:19:40 +0000 http://www.infotube.net/blog/?p=369#comment-776 Robert, I forwarded your question to a manager for Sun Trust Bank. I will post his response as soon as I receive it. Thank you for the question! Robert, I forwarded your question to a manager for Sun Trust Bank. I will post his response as soon as I receive it.

Thank you for the question!

]]> By: Robert Hall http://www.infotube.net/blog/2008/10/hope-for-homeowners-fhasecure-help-homeowners-refinance-risky-loans.html#comment-774 Robert Hall Sun, 05 Oct 2008 03:19:37 +0000 http://www.infotube.net/blog/?p=369#comment-774 I hope you can answer my questions. Rather than ask them separately, I'll just state the facts and ask questions as I go along. Thanks in advance. My only home (my primary residence) has been appraised at $610,000. I owe $650,000 on the first mortgage to lender A, $25,000 on a second mortgage to B, and $22,000 on a third mortgage to C. Assume, please, that I qualify in all respects for the FHA re-finance (including all lien holders agreement to clear the liens). 90% of the $610,000 is $549,000, under the maximum loan amount FHA will guarantee. However, there is the 3% upfront Mortgage Insurance premium and the annual Mortgage Insurance premium of 1.5% to consider, right? Three percent of $549,000 is $16,470. That puts me over the $550,400 allowed, right? Am I disqualified? Is the 1.5% added to the total in the first year or not? If I am not qualified based on the above scenario, please change the numbers so that I am - say the property appraised at $593,000. Ninety percent of $593k is $533,700. Three percent of $533,700 is $16,071, added together is $549,711 (under the $550,400 max). Does that then work (it's assuming the 1.5% is not calculated until next year)? If we assume it does work, six months later I sell the home for $625,000. Since it is within the first year, all the profit goes to the FHA. Correct? If I wait to sell it for three years for $650,000, I have to split the profit with the FHA - I get 20%, the FHA gets 80%, correct (100-0 for year one, 90-10 for year two, and 80-20 for year three)? Assuming that's correct, the profit would be (ignore closing costs and principal reduction for the example) $650,000 - $533,700 = $116,300. The FHA would get 80% of the $116,300 (or $93,040), leaving $23,260 on my side. How is the $23,260 divided between A, B, C, and me? Thank you very much. Robert Hall I hope you can answer my questions. Rather than ask them separately, I’ll just state the facts and ask questions as I go along. Thanks in advance.

My only home (my primary residence) has been appraised at $610,000. I owe $650,000 on the first mortgage to lender A, $25,000 on a second mortgage to B, and $22,000 on a third mortgage to C. Assume, please, that I qualify in all respects for the FHA re-finance (including all lien holders agreement to clear the liens).

90% of the $610,000 is $549,000, under the maximum loan amount FHA will guarantee. However, there is the 3% upfront Mortgage Insurance premium and the annual Mortgage Insurance premium of 1.5% to consider, right? Three percent of $549,000 is $16,470. That puts me over the $550,400 allowed, right? Am I disqualified? Is the 1.5% added to the total in the first year or not?

If I am not qualified based on the above scenario, please change the numbers so that I am - say the property appraised at $593,000. Ninety percent of $593k is $533,700. Three percent of $533,700 is $16,071, added together is $549,711 (under the $550,400 max). Does that then work (it’s assuming the 1.5% is not calculated until next year)?

If we assume it does work, six months later I sell the home for $625,000. Since it is within the first year, all the profit goes to the FHA. Correct?

If I wait to sell it for three years for $650,000, I have to split the profit with the FHA - I get 20%, the FHA gets 80%, correct (100-0 for year one, 90-10 for year two, and 80-20 for year three)? Assuming that’s correct, the profit would be (ignore closing costs and principal reduction for the example) $650,000 - $533,700 = $116,300. The FHA would get 80% of the $116,300 (or $93,040), leaving $23,260 on my side. How is the $23,260 divided between A, B, C, and me?

Thank you very much.

Robert Hall

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