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2500 down on 120.000 home?

We are in the process of making a counter offer on a home we want to buy.  Our lender says that if we get them to settle at 120.000 our down payment will be 2500.00 on an FHA loan.  This seems low to me when i do the figures.  Does this seem right? and how?
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February 13 2009 - Asheville
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Answers (5)

Did it work out for you ? I hope so! If something feels wrong, it's always worth asking every question you can. Vivien is right - a good faith estimate is very useful and has to be provided.
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January 09 2011
make sure that your lender provides you with a truth in lending and a good faith estimate in writing so you know all the costs that are involved and what is the best loan for you.
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October 30 2010
Something sounds odd there.  I've got a great mortgage contact if you need a second opinion.  He has a list of references a mile long and almost always has the best rates.  He's the guy I would use for my personal home.  Give me a call or send me an email if you would like his contact info.
www.OfficerRealty.com
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February 20 2009
no. 3.5% is 4200. Something is fishy. Talk to another lender. Two possibilities-he is lying, or he cant do math. Either one means move on.
Remember to add your closing costs too. It may increase your cash at closing, and get a good faith estimate asap.
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February 14 2009
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With an FHA loan, you need a minimum down payment of 3.5%.   3.5% of 120,000 is $4200.    There are also likely to be closing costs. 
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February 13 2009
 
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