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Answers (14)
- Steffnie Parsons, "Steffnie"
- Contributions:76
I don't think those closing cost are high at all on a $260k loan. You have to take into consideration that the escrows alone could be half of that. A 203k rehab loan takes extra work so depending on what day you received your rate it could be very fair. Rates change daily some days where horrible a week ago. I am not sure who you are going with now, nor will I ask, but this website will show you who has done them in the last 12 months.
http://www.hud.gov/ll/code/llslcrit.cfm
I hope this helps. I thought a 203k would be more popular with all the foreclosures. That is what I get for thinking.
Good Luck
Steffnie
Oklahoma
http://www.hud.gov/ll/code/llslcrit.cfm
I hope this helps. I thought a 203k would be more popular with all the foreclosures. That is what I get for thinking.
Good Luck
Steffnie
Oklahoma
- dauman
- Contributions:14
Thanks for all your advice .... It's nice to see that there is such a thriving community of professionals on here.
- Dan Currie, "Daniel J. Currie"
- Contributions:129
Are part of what you call closing costs actually other settlement costs such as a deposit into the escrow account for property taxes and homeowners insurance? Is the up-front mortgage insurance, required on an FHA loan, part of the closing costs?
- Andrew Adams, "203K Specialist"
- Contributions:9349
@ Paul,
5.25% for a K loan back on the 11th was not too high. Today it may be...but two weeks ago it was in line.
5.25% for a K loan back on the 11th was not too high. Today it may be...but two weeks ago it was in line.
- Deborah Garvin, "loanmonarch"
- Contributions:438
I am not going to try to break down fees (because I don't do loans in Ohio and would be less than accurate with my guesses); however, I can tell you that I absolutely charge slightly more to do 203K loans that conventional. And, the specifics of the program warrant you working with an expert in the area...believe me, no 1/8 or 1/4 of a point will make up for working with a LO or a lender who is "practicing" on your loan.
It is not always about the final $100...but about getting the transaction closed and with as little havoc as possible. The 203K loan is not a loan for a novice loan officer.
It is not always about the final $100...but about getting the transaction closed and with as little havoc as possible. The 203K loan is not a loan for a novice loan officer.
- paul weinzimmer, "FHAPAUL"
- Contributions:128
Hey Drew,
If your credit is over 720 that 5.25%/30yr fixed rate is high for a 203k loan. See if you can find other people that have done this loan for lender recommendations. The 203k loan can be a PITA, and you need someone that has done it a few times in the last 6 months.
Closing costs are in line, especially if that amount includes setting up your escrow accounts.
Everyone else seems to be ending with an exclamation point, so I am going to follow suit!!!!!!
Hope this helps
Paul
If your credit is over 720 that 5.25%/30yr fixed rate is high for a 203k loan. See if you can find other people that have done this loan for lender recommendations. The 203k loan can be a PITA, and you need someone that has done it a few times in the last 6 months.
Closing costs are in line, especially if that amount includes setting up your escrow accounts.
Everyone else seems to be ending with an exclamation point, so I am going to follow suit!!!!!!
Hope this helps
Paul
- John Farrell, "Mortgage by John"
- Contributions:10
The best thing to do is take the estimate you have to another advisor to review with you. Best way to find one is ask for a referral at work, or from a family member. The question of is it too much by just looking at your comment truthfully cannot be answered as you have not provided enough information. ie. are impounds included in that figure etc etc.
I wish you the best!
I wish you the best!
- Andrew Adams, "203K Specialist"
- Contributions:9349
Good point!
- James Gordon ABR SFR SRS, "jmgordon"
- Contributions:171
Andrew if you read the question it says "this includes a 3.5% down payment"
- Andrew Adams, "203K Specialist"
- Contributions:9349
James you are assuming the 17K includes the 3.5% down payment!
- James Gordon ABR SFR SRS, "jmgordon"
- Contributions:171
Dauman if you take out the 10,300.00 that you need for the 3.5% down your closing costs are about 7,400 which is where the other people that have said it is to high has also said it should it be. If they took the time to read your question fully instead of trying to get your loan I am sure that the answer would be different.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Closing costs seem really steep. standard costs vary by state but if you were in MA
you would have about 7K in closing costs including prepaid items and escrow account set up.
Provide a break down of costs and we will let you know what is throwing your numbers off.
- Aaron Crossley, "RMCVanguard Kirkland"
- Contributions:53
The costs seem really steep. I ran the scenario assuming good credit and I can't figure out how the closing costs would get to $18k. [Content deleted for self promotion]
- Aaron Crossley, "RMCVanguard Kirkland"
- Contributions:53
[Deleted for self promotion]
Can anyone recommend reasonable FHA 203k Lenders?
Is this a good rate, closing costs, etc? Are there other venders that are better?
Drew
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