Profile picture for Californiaguy

New home buy. Can you take a look at my mortgage numbers please.

I will be using an FHA loan. It will be in the Tacy, Ca area. I was wondering how these numbers look to the rest of the world.
Loan amount $320
Down payment $11200
Loan amout $308,800
Rate 5.5%
Principal& Int. $1793
Taxes & Ins. $428
PMI/FHA MIP $142
Total Payment $2363
Closing costs $8093.00
Lender Rebate $2400
Total out of Pocket $16,893
  • April 24 2010 - US
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Answers (17)

rates change everyday. 5.5% may be a little high, but many other factors to consider. My clients just locked in 5% at 1pt on Thursday of last week. I didnt do the loan but thats what they got with their mortgage broker.  good credit though. Perhaps you can ask if the rate can be lowered a bit.
  • April 24 2010
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I assume your credit is over 620.  If so, you can obtain a rate of 5% with no points for an FHA 30 year fixed.  5.5% at no points is a bit high unless you have a score below 620.
  • April 24 2010
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That rate is fairly high.  It's hard to discern from the 'closing costs' item what the breakdown is. 

On your Good Faith Estimate, what is the detail on "Box A"? 

  • April 24 2010
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Profile picture for Californiaguy
My score is 736 and my wifes is 763.
  • April 24 2010
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Then your rate is very high.  The costs seem in line for the loan amount though.  Rates were sitting at 4.875% for close to the same breakdown as you stated.  I would look for someone else.  You mentioned "new home", Is this a new home where you have to use the builder's mortgage company?
  • April 24 2010
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4.875% / 0 points
5.5% ???? I'd tell them thanks, but no thanks.

and if I'm reading it right, you're paying about a half point which'd put you at 4.75% all week long.

  • April 24 2010
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Profile picture for Californiaguy
Sorry, It should be titled as buying  a used home.. Probably be 10 years old or so.
Also I really have no debt. Just two car payments.We make 124K combined income. Can you guys recommend anyone.
  • April 24 2010
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CG,

I don't originate FHA. I would suggest you speak with Paul. .... Happy funding, Rudi
http://www.zillow.com/profile/Paul-Mondello/
  • April 24 2010
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That rate is horrible.   Have you put in a request here?






  • April 24 2010
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Profile picture for Californiaguy
Ya, We tried to see what would come back on the market place. I am not getting any replies. I let itsearch for several hours.
  • April 24 2010
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Profile picture for Steve Humpfle.

If you had 740 minimum score, you would qualify for 95% conventional mortgage. It would be 5% down as opposed to 3.5% down. Ask your broker if they have this as several lenders made this available 2-3 weeks ago.

  • April 25 2010
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 You should try again because that deal is horrible. Try again and then post your loan request ID. Should start with a ZR or ZQ-
  • April 25 2010
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Can you get points back from the seller to cut your out of pocket expenses? Or even an interest rate buy down?
  • April 25 2010
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Profile picture for Californiaguy
  • Loan Request: ZR-VQSPDXO

  • April 26 2010
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That request ID does not work.
  • April 26 2010
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Profile picture for Californiaguy
I tried to do a resubmit. It now gives me ZR-HPLCZMH
  • April 26 2010
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You listed your loan amount at 322K so the loan to value is over 96.5% so you will not receive any qoutes since we cannot qoute anything LTV greater than 96.5 unless you are VA eligible (Zillow rules).  If you lower your loan amount you should get plenty of qoutes.

  • April 26 2010
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