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Call us at
706.571.0424 or 1.866.571.FMMC (3662) for a FREE Loan Analysis! |
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ASK THE EXPERT
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| Submitted by Susan from Salem, AL |
| Question: If I get an FHA loan, how much
do I need to put down to avoid the PMI? I'm trying to plan ahead
for our next home purchase and need to know how long to save
before moving ahead. We certainly don't want to have to pay PMI
again! Thank you! |
| Answer: All FHA
loans require the monthly mortgage insurance premium be paid for
a minimum of five years regardless of the loan to value or the
amount of down payment. Conventional loans do not require PMI if
you put 20% down. A person with VA eligibility who also has VA
disability is not required to pay any form of mortgage insurance
and does not have to put any money down. Thanks for your
question. Please do not hesitate to contact me if you need
further assistance. 706-571-0424. James |
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| Submitted by Suzanne from Columbus, GA |
| Question: My husband and I are trying to cut back
expenses and were wondering if it would be better to refinance
our home or to sell and purchase a smaller home. We have been in
our home for about 5 years and have some equity. What would be
the better long term decision knowing that we will probably sell
at some point? |
| Answer:
Very good question. Everyones situation is unique. Your question
would require a much deeper analysis of your current financial
situation and your short and long term financial goals. Please
contact me today and I will help you make the right decision for
you and your family. |
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| Submitted by Bob from Phenix City, AL |
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Question: What are the current interest
rates for a 30 year fixed loan? Also, is it still possible to
qualify for a 3% down loan on an FHA loan? |
| Answer:
For the well qualified borrower the current 30 Year fixed
Interest Rate is 4.50%. This is one of the lowest rates I have
ever seen in my 20 plus years in the mortgage industry. FHA now
requires a down payment of 3.5%. Better hurry tho. This is
likely to change soon to 5%. Call us today and I or one of our
experienced mortgage loan specialist will help you to get
started. |
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| Submitted by Ryan Adam from Columbus, GA |
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Question: I need to know what type of
rate I would receive, and other info I would need to know, if I
wanted to purchase the empty lot next door to my house. Is that
something that you can help me with? |
| Answer:
Unfortunately at this time we are not able to assist you in
financing a vacant lot. |
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