Answers (8)
- Melvin List, "MelvinList"
- Contributions:225
On LPMI you will pay a slightly higher rate than if you had the monthly mortgage insurance but the payment will come out lower. It really comes down to how long you will be in the house and your comfort level regarding your monthly payments.
- user839816
- Contributions:4
I was researching the LPMI & I find it very interesting it seems like another option but the interest rate will go up right? I hope not to much? & the piggy back mortgage?
- user839816
- Contributions:4
Thank you Mr.Melvin & all the helpful answers by others. if I put 5% down I have to pay the extra insurance in the monthly mortgage right? What, how does lender paid mortgage work? does it lower the mortage fairly?
- Melvin List, "MelvinList"
- Contributions:225
You can only have one FHA loan at a time. I would look into a conventional loan with 5% down with your credit score. You can also do lender paid mortgage insurance which would lower your over all mortgage payment.
- Mandi Feely, "AP Mortgage"
- Contributions:3
A lender would need to look at your debt to income ratio to see if you can qualify for both house payments. If you can and if you have some assets that you can use as reserves you maybe able to qualify for a conventional mortgage with 5% down. Only draw back would be monthly mortgage insurance but since FHA increased the amount required for monthly mortgage insurance it may be a better deal to go conventional. If you have any other questions let me know. Mandi Feely
- user839816
- Contributions:4
sorry about that, I currently have an FHA loan on my existing home & am in the market for a new home, I have pretty decent credit around 740 I make a pretty decent living around $110,000 yr. but that 20% down is a killer. is there any way to get 2 FHA loans? I looked into refiancing my current home then going with 1 new FHA but that's not looking to good. I don't have any equity in my current home. It seems like the honest man just can't get any help,lol. well I am open to ideas if you have any, Thanks Caleb
- Heather Frye, "heatherfryemortgage"
- Contributions:22
Please continue so we may assist you!
- wetdawgs
- Contributions:39536
Welcome to Zillow. If you'd like to complete your thoughts, you can click on "post reply" and continue.
I have an FHA loan currently on my home & am looking to buy a new home. I bought my home while I was
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