Profile picture for crios323

is a yearly rate of 6.015% too high for a first time home buyer, with an interest rate of 5.25%?

  • October 18 2009 - Los Angeles
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Profile picture for crios323
Yes I'm buying with an FHA program, with 3.5% down and the proerty is a foreclosure. The loan amomount will be for 265K and I have good credit of 710 or better.
  • October 18 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for The Carrabba Group
Hello,

I think that seems high depending on your credit history

Please contact me so I can have a mortgage professional contact you to determine if that is fair BUT it does seem high for an interest rate on a first time home.

Best,

Monique Carrabba
The Carrabba Group
  • October 18 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

From the APR spread, I am assuming this is an FHA loan. Unless your credit score is below 620 and/or there are special circumstances, it's probably not a very good deal. 

Please post your situation and it will be easier to evaluate what you have been offered.

Loan Amount
Credit score
Down payment
Property type
Etc.
  • October 18 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.