- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 1/21/17 at 9:48 am to SDVTiger
quote:
Why put 10% down when u only have to put 3.5% Fha purchase is the best. Trump needs to go higher mip with 100% financing like VA
VA has the highest default rate by far. And FHA is more expensive than conventional in the long run.
Posted on 1/21/17 at 9:51 am to DavidTheGnome
I own my home.
No mortgage...hence, no mortgage insurance. Never had it. Waste of money.
No mortgage...hence, no mortgage insurance. Never had it. Waste of money.
Posted on 1/21/17 at 9:52 am to TBoy
Ppl with PMI were going to get about a 48 dollar a month reprieve on their FHA loan come Jan 27th. Trump made this null and void. So really ppl that have PMI aren't missing anything BC they never had it in the first place.
This post was edited on 1/21/17 at 9:53 am
Posted on 1/21/17 at 9:53 am to TBoy
I want him to defund Section 8
Posted on 1/21/17 at 9:55 am to TBoy
So, not being an Economist, sounds to me like that particular "subsidized mortgage insurance" is in essence a high risk loan apt to default, that no Loan Institution that is a honest caretaker of the Investor's money...should or would make. This MO is exactly what caused the Fannie/Freddie Worldwide meltdown back in '08.
But I don't really know.
But I don't really know.
Posted on 1/21/17 at 9:56 am to anc
The problem is most people don't have 10% down of 300k + due to the housing markets going through the roof. So tell me, do you want the president to shrink the percentage of people owning a home even further?
Posted on 1/21/17 at 9:58 am to DavidTheGnome
quote:
VA has the highest default rate by far
You got a link to that cause thats not true at all
quote:
And FHA is more expensive than conventional in the long run.
No one stays in a loan longer then 7yrs. You refi out of FHA
Posted on 1/21/17 at 9:58 am to TBoy
I own life isurance, car, home, business, disabilty, and medical: the types that protect my assets; not loan insurance.
Posted on 1/21/17 at 10:22 am to BestBanker
In reality if you're not able to put down 20% down on a house then you prob can't afford that house.
Posted on 1/21/17 at 10:29 am to tke857
quote:
In reality if you're not able to put down 20% down on a house then you prob can't afford that house.
I was being nice. But I'm with you.
Posted on 1/21/17 at 10:33 am to TBoy
quote:lol
I heard that on his first day Trump eliminated subsidies that made mortgage insurance less expensive
This is false
Posted on 1/21/17 at 10:34 am to anc
quote:
Yes, Trump canceled a cut in the FHA mortgage insurance rates because the country cannot afford it. This has nothing to do with private mortgage insurance, which most responsible people carry if they do not have enough equity. That brings up another question.
Should the government be subsidizing home buying for anyone? I wish he would eliminate the entire FHA mortgage program. If you can't put 10% down on a home, you don't need to buy a home.
I mean, you can buy a home with an FHA mortgage with 3.5% down payment. That's absurd.
You got down voted for being a reasonable and responsible American.
We have to change this attitude that has developed over the past 50 yrs that the government is here to help Americans be financially irresponsible.
Posted on 1/21/17 at 10:36 am to Bass Tiger
quote:
Bass Tiger
Personal responsibility is a foreign notion to most people these days.
I had a highly educated colleague make a snide comment last week in regards to financial responsibility.
Posted on 1/21/17 at 10:36 am to tke857
quote:
ality if you're not able to put down 20% down on a house then you prob can't afford that house.
Lmao. Guess I will put a for sale sign out today.
Does it matter if I have never missed a payment or that I make twice the money now than I did when I didn't put down 20%. Should I go rent again so I can pay someone elses mortgage?
I didn't put down near 20% and have no problem affording my home.
Posted on 1/21/17 at 10:37 am to TBoy
quote:
I heard that on his first day Trump
Maybe you should educate yourself on the subject before posting and looking like an idiot.
Posted on 1/21/17 at 10:40 am to LSUSUPERSTAR
quote:
If you can't put 10% down on a home, you don't need to buy a home.
If you cant put at least 20-25% down, you don't need to buy a home.
Posted on 1/21/17 at 10:43 am to tke857
quote:
In reality if you're not able to put down 20% down on a house then you prob can't afford that house.
This is one of the dumbest comments I think I've ever read.
We could barely afford to put 5% down while we were in grad school. But mortgage < renting. Now we lease it since we live in a diffferent state. Nice having someone else pay for your mortgage. But now we're back to getting fricked in the arse renting until we find out where we get jobs. 
Posted on 1/21/17 at 10:54 am to anc
If you have a conventional loan mortgage insurance is required if you do not have at least 20% equity in the property. It has nothing to do with being "responsible" or not. Also the Fha mi rates are higher than conventional rates with comparable equity. Lots of ignorant comments in this thread. This was a stupid decision by Trump. Im sure a lot of preapproval letters are no longer valid because Trump saw fit to take this away. This is going affect a lot of first time homebuying Trumpkins.
Posted on 1/21/17 at 10:55 am to TBoy
quote:
I heard that on his first day Trump eliminated subsidies that made mortgage insurance less expensive.
You heard wrong. President Obama in his last few days decided to lower the required mortgage insurance on FHA loans from .85% to .60%, or 25 basis points. Any new loan closing on January 27th or after would have been getting the new .60% PMI. Trump said they need time to review the feasibility of lowering the PMI, as it is in place to help offset the default of FHA mortgages. So for now the mortgage insurance rate stays the same as it has been for the past number of years.
Page 2 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News