FHA loans vs loan agreement: the higher mortgage insurance and closing costs?

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I heard different stories in different individuals. Some said FHA loans you must pay mortgage insurance, lending, but the agreement that you do not have to pay the mortgage insurance, FHA closing price and the cost is higher than the loan agreement. Some said loan agreement if your downpayment is less than 20%, you still must pay mortgage insurance. What is the truth?
I close my good faith estimate made and my costs seem a little high. Here Abbau.Kaufpreis 220kDarlehen in the amount of total costs are 209kClosing 11.200.etwa 2000 of them is entitled GebührenPre-paids are 2000Der rest of 7000 for the costs of processing the loans Fannie Mae 1.5% I community mortgage, Fannie Mae is 1% of adverse market conditions 0.25% of fees These fees are there 5700.Bin I already charged twice the cost of mortgage processing &? or is this correct? Plug in style with these guys. Im always a special game 30 years at 4% to 95% of the loan and the remaining 5% to 3% for 30 years deferred fixed. Nobody else is ready.

  1. Reply
    Bob S
    January 25, 2011 at 5:38 pm

    fha loans are better. smaller closing costs. (1% regulated by the government) plus your normal closing cost fees which you can’t avoid. but you do have to pay mortgage insurance. Conventional loans can get costly especially if you get a mortgage broker because they add all their hidden fees in there (be carefull). Advantage to fha loan because once your in you can always refinance with out all the paperwork in the future, email me if you want to find out who i used because i did a lot of research. I wanted to use a smaller bank who didnt owe the government tons of tart money! i found one and got a great rep, i told him i would put him out there because of the job he did for me.

  2. Reply
    Real Estate Guy
    January 25, 2011 at 5:56 pm

    The loan origination fee is high. It’s usually 1%.
    I have never seen a Fannie mae community mortgage fee in over 2000 settlements. Same for adverse market fee

  3. Reply
    Dawni Do Right
    January 25, 2011 at 6:05 pm

    The My Community Mortgage fee is to reduce MI. You must be a teacher, police officer, etc. using what used to be called the “Good Neighbor Next Door” program.

    Adverse Market fee is gaining popularity will many lenders & was implemented by Fannie Mae 2 months ago.

    You may want to shop around for some non-My Community loan Good Faith Estimates. If you re going to be stuck with these high fees, the program may not be worth it, unless you are getting a killer interest rate in the long run.

  4. Reply
    January 25, 2011 at 6:45 pm

    That is crazy! What is the name of the bank or finance company you got those estimates from? I want to make sure I avoid them.

    Try another bank.

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