All Forum Posts by: Andrew Auger

My impact is $105 per month

@Chris Martin 

If you read the suspension letter it says specifically "This guidance affects Appendix 1.0 – Mortgage Insurance Premiums of the FHA Single Family Housing Policy Handbook 4000.1, and reinstates the Appendix in affect prior to the issuance of the update communicated in ML 2017-01."

When one goes and looks at appendix 1.0 in the FHA Single Family Housing Policy Handbook, the very first thing it shows is...."Annual Mortgage Insurance Premium (MIP) Applies to all Mortgages except:  Streamline Refinance and Simple Refinance Mortgages used to refinance a previous FHA endorsed Mortgage on or before May 31, 2009  Hawaiian Home Lands (Section 247)"

Take that in conjunction with the fact that on the first page of the Handbook,

Section I-A says this "The requirements outlined below in subsections 1 through 9 apply to both Single Family (one-to four-units) and Multifamily Mortgagees." which means that the FHA considers 1-4 Unit multifamily buildings to be under the Single Family umbrella. So I can buy a four family, a multifamily building, use an FHA Loan, and be hurt by the suspension letter you linked.

@Chris Martin This entire thread is discussing the FHA PMI rates. When I reference my rate, I am referencing my PMI rate, not my interest rate, and the $105 is my monthly difference from what I would have paid and what I now will be paying when I close in February. It is not fiction or alternative facts, I am going to be paying more because of this.

@Elbert D. As for 1031exchange, I am not the first person to have posted about this and it is not fiction that the government has put up proposals to eliminate the 1031exchange. The 1031 link below has been posted on this site before.

http://www.1031corp.com/Potential-Legislative-Thre...

And here is a link discussing the possible impacts on the mortgage interest deduction.

http://www.cnbc.com/2016/12/01/heads-up-homeowners...

But for now, all we can do is wait and see what happens and hope for best and plan for the worst. 

Halting of the rate cuts is a huge blow to me personally and to first time home buyers everywhere who are close to purchase. In my case it's an additional $105 per month. We are closing on our first multifamily home and would have benefitted from the reduction, now not so much. Add to the fact Trump wants to limit mortgage interest deduction and remove 1031 exchange, both huge reasons to be involved in real estate, his presidency is already looking grim, and that doesn't even consider his social policies, just what's relevant to this community.

If you are looking for face to face connections, I would suggest checking out some of the Landlord Associations in the Boston/Metrowest area. I would check out Masslandlords.net for meeting times and topics. It's  good place to mingle with a variety of landlords and learn about the many intricacies of the laws in Massachusetts. 

For basic knowledge, you have come to the right place in BP. Just keep in mind when people give you answers, they may not always apply to MA laws as MA tends to be tougher than most areas.

No!!!!!!!!!!!!! You cannot discriminate against section 8 in MA. Doing so will get you sued in a heartbeat! Putting that you do not take section 8 in MA is not allowed per state rules. They can be screen out in your normal process but not "We don't accept Section 8".

@James Klafehn In MA there are additional protected classes. Receiving public assistance is one of them.  Each state might have different regulations. Following this advice in MA will get him sued. Please make sure in the future to be specific to your state.

I would suggest searching the forums for Hubzu, I think you will find more rants about them than positive feedback... just my experience from reading here and my one experience with them... 

Not to be obvious or a troll... but find a new bigger bank? >.>   There must be a bank out there willing to refinance a property in which you owe just over 50% of the appraised value on...

I am an accountant and I personally use mint for myself and my fiances finances. I love it, its online, pulls data electronically and categorizes most of your purchases for you. Obviously you have to do some adjusting here and there but otherwise it is great. You can set up a budget and goals and track your progress against them. It is made by Intuit so it is created by a reputable company which is why I have no issue putting my personal information in the site. I highly suggest that you give it a try especially if you are having a hard time knowing where your money is going. It can be a great tool to help get your finances under control!

Originally posted by @Robert M.:

Why would you return the fee if they do not meet your criteria? We provide all applicants with our criteria and then use credit/criminal/rental check to verify.  

Some States may require you to return the money or not take money at all. Massachusetts is incredibly strict when it comes to fees for example, so the OP's state may be the same way. Keep in mind that State laws vary drastically when it comes to Landlord/Tenant law.