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Thanks all for your input so far.Here are two options I have been quoted for a 750k house in montgomery county, MD. Please let me know if these are reasonable:1) FHA30 YR fixed loan at 3.5%, 4.49% APRLoan $722k + Cash at closing : $40k down+$12k closing costMonthly payment: $4800 ($3250+ $1550 for PMI, taxes, hazard insurance)2) Conventional 80/10/1030 Yr Fixed at 3.5%$600k conforming Loan + $75k down + $75k second loan + $20k closing costMonthly payment: $3950 ($2700 + $500 for 2nd loan + $750 for taxes hazard insurance)Second loan for $75k is at 6.99%, 10 Yearr ARM, floats after 5 yearsCash at closing with this option: $75k+$20k, so I will need to borrow $20k from 401k accountAm I getting reasonable deals?One last question. With #2, I have been given the option to add the $20k to the loan to avoid borrowing from my 401k account. If I understand how this works, the purchase price is inflated to $770k from $750k.I was told seller gets the same net amount so they don't care, but I have also been told that it does affect the seller. Does this option make me a less competitive buyer in seller's eyes?Thanks.
I'm guessing in the low to mid 3s if you're talking 30 year fixed, depending on the program that ends up making the most sense. There's more info needed. Feel free to click on me and get in contact with me if you like me to look at it in greater detail and give you an actual offer.
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