Need Help with HUD HOME bid and loan info given to me?Submitted a bid of 166K to purchase this HUD HOME(case number 495-912728),but don't know much of about the bidding-loan process and I want to know if what my loan officer is telling is correct or if he's trying to screw me over. My FICO score is an 806, I'm a registered nurse,my debt are current grad school loans of 9K and current mortgage of 31K. I want FHA on this loan and he replied with this:"Thanks for the initial information you have provided us to work with. FHA loans are 3.5% down payment and allow the seller to pay up to 6% of your closing costs. On HUD FHA the seller can pay up to 3% of your closing costs. Your gross income per month is $5297.FHA debt ratios are 43%. 5297 x 43%= $2383- $573(Your mortgage)= $1810. This would be basically for a home of $192,000 and less that you may possibly qualify for.The other loan you may consider is a Conventional 30 year fixed loan. It is a good loan if you plan to put at least a 5% down payment and have credit scores over 680 (Preferably over 720).Thanks for your time and the opportunity to work with you and serve you."----- is he lying about HUD FHA only being allowed to pay 3% of closing costs? He did say on FHA loans the seller can pay 6% of closing costs? So which is it? Am I being misinformed? On the Texas Conditional Qualification Letter he gave us it says Qualifying Interest Rate is 4.5%? If I were to win this bid for this HUD HOME, am I locked into this rate because if that's the case I don't think that's the best rate as I quickly googled FHA RATES and I've seen some for 3.65% for the same FHA 30 yr fixed he quoted. Should I change loan officers if I win this home? Should I be getting a better rate based on my FICO score? Sorry if I sound like an idiot but I'm new to this and this lingo and just want to be well armed and informed so that I won't be taken advantage off. Any and all help is greatly appreciated guys! Thank you!January 06 2014 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.