Fha Loan Calculator

FHA Mortgage Loan Calculator

admin — Tue, 15 Jun 2010 00:52:59 +0000

FHA Mortgage loan calculators are somewhat more complex than their conventional mortgage cousins, as they are also dependent on maximum mortgage limits and and a more complex mortgage insurance calculation.

We will be bringing to you a simple to use FHA mortgage calculator that we have developed and are currently testing.

In the meantime we bring to you a description of how the basic calculation works but remember to check your counties maximum mortgage amount.

Down Payment= Purchase Price x 3.5%
Loan Amount = Purchase price – Down payment
Up front Mortgage Insurance = Loan amount x 1.5%
Final Loan Amount = Up front Mortgage Insurance + Loan Amount
Mortgage payment is Final Loan Amount Payment + ( loan amount x 0.5%)/12

Example:
120,000 purchase
Loan Amount = $115,800
Upfront MIP = $1,737
Final Loan Amount = $117,537
Payment based on 5% Fixed rate.
Payment = $630.96
MIP =$48.97

FHA Mortgage Loan Guidelines

We will also be bringing to you the latest FHA loan guidelines in an easy to understand format which will cover subjects such as:

Documenting source of closing funds and gifts.
Income verification and how overtime and bonus incomes are calculated.
legitimate sources of income and how side job income is calculated.
Seller contribution to closing costs.
reserve requirements.
etc…

It is important to appreciate that the Federal Housing Administration (FHA) provides basic guidelines to mortgagees and guarantees the purchase of the mortgage if the lender follows those minimum requirements, however that does not mean that the lender can not add their own requirements and very often they do.

FHA Closing Costs

We will also be listing here a complete list of all FHA closing costs and explain which parts may be paid by credit card or the seller and which ones are must be paid by the buyer, which may very well effect the cash required to close a transaction.

Applying for an FHA Loan

There are some steps to be taken before applying for an FHA loan in order for the process to go smoothly.

Having sufficient, seasoned funds in the bank account is of outmost importance. it is simply not possible to deposit a large some of money without a legitimate, traceable and documentable trail. The lender obtains a verification of deposit, or three months worth of statements, where a 60 day average balance is reflected, which must be roughly equal to the ending balance.

If gift funds are involved then the lender must see the ability of the donor, by means of obtaining a bank statement showing that the last of the money is not being donated plus a letter from the donor stating that the funds are actually a gift and that no repayment is expected. it is best to copy the gift check and keep the deposit receipt to demonstrate to the lender where that big deposit came from.

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loan shark app for the iphone 3g

admin — Tue, 15 Jun 2010 07:23:52 +0000

this is a handy app that lets you calculate what you would actually pay on a loan. Handy because I’m looking to consolidate my debt and it showed me how much I will save. 10 out of ten.
http://middleeye.blogspot.com

Duration : 0:9:3

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Home Equity Lines of Credit : How to Determine Home Equity

admin — Tue, 15 Jun 2010 07:23:42 +0000

Home equity is a simple calculation that the bank performs to determine the type of lending value that a person has on their home equity line of credit. Subtract out the first mortgage balance when determining home equity with help from a financial specialist in this free video on home loans and money management.
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Expert: Matthew McKillen
Contact: www.innovativefg.com
Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients.
Filmmaker: Christopher Rokosz

Duration : 0:1:19

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Conventional Financing and Good Faith Estimate

admin — Tue, 15 Jun 2010 07:23:27 +0000

http://www.realpro.la Conventional Financing and the buyer’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/blog The down payment, loan, total payment and closing costs are calculated, including the APR

REALPRO is the only computer/software made exclusively for the Real Estate/Lending Industry to give you exact figures – anywhere you need them! Throw away your pencils, papers, calculators and charts!! REALPRO answers your client’s financing questions in a matter of moments … and prints them out, too!

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Real Estate Agent Advantages

Listing Presentations

* Sellers net proceeds figured and printed in moments- all without looking up any charts
* You can show value of owner carry-backs in seconds
* Prequalify the house to determine income required to buy
* Prequalify the seller to determine what price range he can move up to
* Discuss all available financing options to show seller which is best for him
* Design flyers with finance options for other agents and their clients

Working With Buyers

* Print financing options & PITI (& PMI, if applicable) on any loan in moments
* Buyers costs itemized & printed with automatic title, escrow, credit report, appraisal & recording fees and more
* Prequalify clients so you know what properties you can show them
* Impress them with your professionalism so more choose you to be their agent

First Time Buyers

* Show tax advantages of home ownership
* Good Faith estimates in seconds
* Develop an Agent-Client rapport by offering important information and service

Open Houses

* Prequalify the house so that you know what income isrequired buy
* Prequalify the people who stop by to determine what properties you should show them
* Quote all financial options in seconds
* Moving-in costs are figured in minutes
* Turn customers into clients by offering the service and information necessary to make a Real Estate decision

For Sale By Owner (FSBO)

* Show why youre worth a full commission because you are professionally equipped and knowledgeable in ALL the ways to sell their home more quickly and with less hassle.
* Show them you can do what they cant: Financing Options � Prequalifying � Sellers Net � Buying vs. Renting

Floor Time/Up Desk Book

* Answer any financing questions
* Prequalify clients over the phone
* Be able to quote closing costs right at the up desk without ever looking up a chart
* Add finance options to upbook for your office agents or other agents who call in

Farming

* Show net proceeds to the seller in seconds
* Prequalify folks who may not have known what they could afford (Property Owners and Renters)
* Impress potential clients by being Different and Better than your competition
* Compare refinancing and selling in seconds, and asking which is best for you?

Duration : 0:3:27

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When The Unexpected Happens: How Positive Loans Become Mountains

admin — Tue, 15 Jun 2010 07:23:18 +0000

Because of the continuous giving out of information by the media and even by masses, people are becoming paranoid with their private assets being submitted to foreclosure. Because majority of these homes were obtained via borrowing, it caused the idea that house loans or any type of credit is not good. However, it should be understood that as other elements in life, loans will effect to something good if utilized the correct way. People need only to know which options can make the credit excellent one. Good loans What makes credits good is cause it permits individuals to have their money working, accumulating interest while money is taken from the loan cards finances for free. Another reason that makes loans good is that many of the cards are entailed by cash back bonuses, flyer miles, or other freebies. Accumulating these perks is beneficial if it will not require any pay. Mortgage loan or home equity loans are good credits which people must take benefits from. However, people should be wary before entering these transactions. It is an excellent credit if the funds to be loaned will definitely increase what is already at hand and not decrease or throw it all away. For example, cash loan may be made to purchase additional property. Properties are considered by many as good ventures. The equity which may be obtained from currently possessed asset can be used as source of pay for a property for rent which essentially pays for itself. With adequate time, money may also be put into fixers. The properties may only need little improvements to significantly raise its market worth. Yet, previous to taking action it is good to be careful because there are assets which only pose as good investment but in reality it only becomes the easiest way to bankruptcy. It is best to investigate all properties for there are only some which can really make earnings. Individuals should only borrow money for assets if there is a warrant that it can collect higher revenues than the cost of the loan. It is not suggested to risk ones home for something that is not rewarding. Make sure that every calculation are precise and the funds involved will be rewarding. Bad loans There are numerous causes why positive credits turn out bad. It should be noted that credit cards must never be utilized as a tool to get what cannot be afforded. The satisfaction that is experienced after buying the item may be increased, but the interests which come up later proves to be more elevated. It will never be the wisest option no matter which side to check. The perks like debt consolidation, home equity, refinancing, which entail owning a credit card should never be used to pay the credit card payments, just so the card can be utilized again. Loaning resources for remodeling and availing new furniture must also be evaded. These activities are costly. As such, it should be done with an elaborate plan. The resources it can consume should be set aside prior to the activity. It might point to doing the redecoration part by part, yet it also worth lower than grabbing the card and sliding like theres no tomorrow. When getting automobiles, it is unwise to utilize the card or a loan from a bank. It must be kept in mind that not like assets whose worth appreciates as time passes, vehicles break and become old, the paint peels off, the engine breaks. Its value decreases as time passes, til only a small part of its initial value is left, this makes it a terrible venture and credit. The worst type of loan that can be made however, is borrowing funds from relatives or friends. This act is not wise as any miscommunication as regard the deal may start for the break of the relationship. It may also cause damage on friends or family members who are stuck in the middle. As such, if it cant be evaded in whichever way, it is best to have the transaction into writing. This may give an assurance that all which was declared or said are agreed with fairly and any type of complaint will not be entertained unless stated on the document.

Duration : 0:1:40

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Extra Mortgage Payment Calculator: Pay Off Your Loan Sooner!

admin — Tue, 15 Jun 2010 04:16:05 +0000

http://www.HomeMortgage.com Check out our extra mortgage payment calculator and find out how soon you can pay off your loan! HomeMortgage.com also has a rent vs buy calculator to help you assess real estate risk! Homeowners asking, Whats the best place to refinance my mortgage? need look no further than HomeMortgage.com! Our extra mortgage payment calculator is free! Visit www.HomeMortgage.com!

Duration : 0:2:21

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How to Start a Gold Party Business Part 8 – How much do I pay for scrap gold? Our Payment Calculator

admin — Tue, 15 Jun 2010 04:15:54 +0000

Buy Scrap Gold at Gold Parties and make money doing it! We show you how.

To Use this Free Payment Calculator Visit http://goldpartyllc.com/paymentcalculator.aspx

Duration : 0:7:28

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How should I calculate my gross income for the purposes of deferring my UK student loan payments?

admin — Tue, 15 Jun 2010 03:40:59 +0000

I’m in a salary sacrifice scheme at work whereby I can reduce my taxable salary as much as I like in exchange for my employer paying that same amount into my pension scheme. This is effectively an NI and income tax avoidance scheme (although it is legal and sanctioned by HM Revenue & Customs).
Each year the Student Loans Company writes to me and gives me the opportunity to defer starting to repay the student loans I took out whilst at university. To do this, I need to demonstrate that I earn less than a certain amount each month.

Now, the question is: what does the law say about the way I should calculate the gross income I declare to the Student Loans Company when applying for deferment? I would think it makes sense to follow the principles of filling in a tax return ie to use the figure which goes on my P60 rather than my notional salary before the pension salary sacrifice.

Do you have a definitive answer?
The amount on my P60 (after someone has done some jiggery-pokery with it) is my gross income for tax purposes. I’m interested in the legal position ie what I’m legally obliged to declare. Thanks

The clue is in "gross" income. You put down what your salary is before anybody does any jiggery pokery with it.

How do you calculate interest on a loan. I have been asked to loan money to relatives and friends.?

admin — Tue, 15 Jun 2010 03:40:57 +0000

I have been asked by realtives ans friends to "lend" them money. I want to charge "reasonable interest" to borrowers. (relatives and friends)

If you do decide to lend a small amount money to a friend or relative, you should just consider the money to be a gift because you may not ever be repaid. If it is to be a large loan, then set up the loan through Virgin Money. That way it is handled just like a bank loan. Contracts are signed, the interest rate and terms are all spelled out, the payments are all listed, and since it is a contract, it is legally enforceable. If the relative or friend doesn’t want to sign a contract as a sign of good faith, then I wouldn’t lend them anything.
The borrower makes their payment to Virgin Money and then Virgin Money deposits your check right into your account. If the borrower fails to make a payment, Virgin Money will go after them so that you don’t have to.

How do I calculate interest on a loan I made so someone?

admin — Tue, 15 Jun 2010 03:40:55 +0000

I loaned them $2300. Interest rate is 4% per year. They are paying back $200/month. I know there is a formula for this. I would like the formula, or at least a figure for the total interest they will owe.

If you are you simple interest and are simply charging them 4% on the total amount, then you would charge them as follows

2,300 * .04 = $92.00 in interest

So they would have to pay you back $2,392 in total

If you were calculating the loan similar to how a bank might calculate a mortgage, then technical each time they paid 200.00, some of that money would be going to principal and the following month, they would owe less in principal than the previous month. As such you would have to do an amortization schedule. It might look like this (total interest paid would be about ($49.21)

Month Balance Payment Interest Principal
1 2,300.00 200.00 7.67 192.33
2 2,107.67 200.00 7.03 192.97
3 1,914.69 200.00 6.38 193.62
4 1,721.07 200.00 5.74 194.26
5 1,526.81 200.00 5.09 194.91
6 1,331.90 200.00 4.44 195.56
7 1,136.34 200.00 3.79 196.21
8 940.13 200.00 3.13 196.87
9 743.26 200.00 2.48 197.52
10 545.74 200.00 1.82 198.18
11 347.56 200.00 1.16 198.84
12 148.72 200.00 0.50 148.71