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Seth Robbins's Advice

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Seth Robbins wrote:

FHA vs USDA

Answer
Pros: FHA extremely low down payment requirements and relatively quick and easy to get done for a purchase. Con's: PMI (mortgage insurance) this is a 5 year mandatory insurance so even if you reach 78% Loan to value your still paying on this! Pros: USDA 100% financing available with a small funding fee attached to the loan. NO PMI!!!Cons: More indepth inspections required. Typically slower underwriting time. Predetermined income qualifications....if you make to much you cannot qualify.
May 21 2012
(0)

If I am on unemployment is the HAMP program for me, or do you still need to be employed?

Answer
If your loan is an FHA backed mortgage then you may want to reach out to your lender about your options! The best course of action is to openly communicate with your current lender on your home loan to ensure your ability to retain the property.
May 21 2012
(0)