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Doctor Hung

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#1

Mortgage 101

02-03-2005, 02:07 PM

Just want to say hello to everyone, I have been lurking around this board for a while but I recently registered and I really don't post that much. I guess I'm more of a listener than a talker. Let me get to the point, I would like to take this time to open an advice thread. I'm very successful in the mortgage and real estate business because it is my first profession. I would like to extend my knowledge to anyone on here who has a question. If you have a personal question on this issue just post your icq and i will message you.

let me give you an example of a sample question

What is the standard requirements to buy a house with no money down?

Can i get a house with no income?
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swami

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#2

02-03-2005, 02:47 PM

Could I interest you in writing some stuff for my site www.cidnetwork.com ?
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Veterans Day

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#3

02-03-2005, 02:49 PM

why do I have a prepay on my FHA mortgage, answer here please

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robfantasy

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#4

02-03-2005, 03:40 PM

218-210-422, please ICQ man got some q's

Looking to speak w/ high volume nutra CPA affiliates or networks... msg me
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DrewKole

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#5

02-03-2005, 03:43 PM

Originally posted by Veterans Day

why do I have a prepay on my FHA mortgage, answer here please

There is no prepayment penalty on an FHA... except for the fact you have to pay the interest for that month.

You get a portion of your UFMIP back if you do a refi too.
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Veterans Day

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#6

02-03-2005, 03:44 PM

Originally posted by DrewKole

There is no prepayment penalty on an FHA... except for the fact you have to pay the interest for that month.

You get a portion of your UFMIP back if you do a refi too.

STFU man, but UFMIP is prorated over how many years? And what if I dont close at the end of the month and close on the first of the month?

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BJ

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#7

02-03-2005, 03:46 PM

I got no money down on a second home and no money down on a commercial property. Beats me why
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DrewKole

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#8

02-03-2005, 03:52 PM

Originally posted by Veterans Day

STFU man, but UFMIP is prorated over how many years? And what if I dont close at the end of the month and close on the first of the month?

generally 8 or so years for the UFMIP.

Thats what Im saying, all FHA loans have to close and fund by the end of the month. If you close on the 1st, you pay interest for that entire month left.
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Veterans Day

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#9

02-03-2005, 03:59 PM

Originally posted by DrewKole

generally 8 or so years for the UFMIP.

Thats what Im saying, all FHA loans have to close and fund by the end of the month. If you close on the 1st, you pay interest for that entire month left.

Its 5 years now drew and im fuckin around here, sheeeez. Oh lets not forget if you refi your fha loan into either a subprime or conventional lender you get the prorated UFMIP back from the Gov.

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DrewKole

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#10

02-03-2005, 04:22 PM

Originally posted by Veterans Day

Its 5 years now drew and im fuckin around here, sheeeez. Oh lets not forget if you refi your fha loan into either a subprime or conventional lender you get the prorated UFMIP back from the Gov.

And? What exactly are you trying to prove here? It used to be 7-8 years, but it's an automated engine now, that tells you what the refund is, noone has had to calculate it manually for a long while.

Woopity Doo...

Overhearing things from your wife in the business... doesn't make you a first hand experienced mortgage professional... Nor does using google.

Trying to boost an ego? I don't get it.
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swami

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#11

02-03-2005, 06:52 PM

What happened to doctor hung?
I was hoping for some free content to put on my site.
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Head

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#12

02-03-2005, 06:55 PM

I'm in RE as well. I'm putting in an offer on a triplex and we saw the Mortgage broker today.
We should talk soon. But not tonight.
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Doctor Hung

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#13

02-05-2005, 03:57 PM

Originally posted by swami

Could I interest you in writing some stuff for my site www.cidnetwork.com ?

Sorry out of town on business. Sure i could do something for your site. Send me your contact information.
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Doctor Hung

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#14

02-05-2005, 03:59 PM

Originally posted by Veterans Day

why do I have a prepay on my FHA mortgage, answer here please

FHA loans can carry prepay depending on the bank you recieved the loan from. Prepay is usually 3-6 months principal and interest or a percent. All that should of been told to you before. Some states don't carry prepays, so depending on where you live

Last edited by Doctor Hung; 02-05-2005, 04:02 PM.
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Doctor Hung

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#15

02-05-2005, 04:04 PM

Originally posted by PureMeds

I got no money down on a second home and no money down on a commercial property. Beats me why

you can get no money down all day long as long as you qualify or know how to make yourself qualify
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Doctor Hung

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#16

02-05-2005, 04:06 PM

Originally posted by DrewKole

generally 8 or so years for the UFMIP.

Thats what Im saying, all FHA loans have to close and fund by the end of the month. If you close on the 1st, you pay interest for that entire month left.

by the way most mortgage brokers will try to sell you on FHA loans because they get paid the most on them
what a world we live in!!!!
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swami

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#17

02-05-2005, 04:43 PM

Originally posted by Doctor Hung

Sorry out of town on business. Sure i could do something for your site. Send me your contact information.

[email protected]
I would be happy to pay for any good original and helpful information about realestate and mortgage and home loans.Thanks.
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detoxed

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#18

02-05-2005, 04:52 PM

What are the stated mortgage requirements to buy a house with no money down? The person has another mortgage on an 80/20 loan purchased 5 months before.
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colpanic

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#19

02-05-2005, 05:49 PM

What is your take on the California (San Diego) housing market? I'd like to buy some rental property, but the housing prices here seem so high that you couldn't even cover the mortgage with the rent.

Renting is so much cheaper here that it is nuts.

I like ducks.
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Veterans Day

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#20

02-05-2005, 06:01 PM

Originally posted by Doctor Hung

FHA loans can carry prepay depending on the bank you recieved the loan from. Prepay is usually 3-6 months principal and interest or a percent. All that should of been told to you before. Some states don't carry prepays, so depending on where you live

FHA doesnt allow any prepays period, were did you get your license from?

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Doctor Hung

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#21

02-06-2005, 01:25 PM

Originally posted by detoxed

What are the stated mortgage requirements to buy a house with no money down? The person has another mortgage on an 80/20 loan purchased 5 months before.

Depends on the kind of house and if the person can prove there income on paper. If you already own a home then the new one will be an investment property or second home. If you would like you can icq me at 76102893 and tell me your scenario and i will tell you the best way to go about it and even tell you some dirty little secrets of the business
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Doctor Hung

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#22

02-06-2005, 01:27 PM

Originally posted by colpanic

What is your take on the California (San Diego) housing market? I'd like to buy some rental property, but the housing prices here seem so high that you couldn't even cover the mortgage with the rent.

Renting is so much cheaper here that it is nuts.

Sorry I have yet to invest in california only Mass, Rhode Island, florida, maine and new hampshire. However i can offer you some little secrets on how to make net cash out of the property and how you can figure out how much your gonna make and if it is worth it. 76102893
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Doctor Hung

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#23

02-06-2005, 01:29 PM

Originally posted by swami

[email protected]
I would be happy to pay for any good original and helpful information about realestate and mortgage and home loans.Thanks.

icq me and let me know what you would like to know. I'm thinking about doing a E-book about how to beat the banks literally but im kinda iffy right now little concerned on the potential problems it would start. Would make some serious money All the information the bank does not want the public to know.
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