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what rate should i expect 5% down

700-720 score  35-41% dti

Another lender has gotten me an approval but the rate seems high.  I have rental properties and this will be property 10,  i have 4 mortgages and 2 commercial loans currently.
the purchase price will be 300k with 5% down so a loan amount of 285k.  Im looking for a 30 yr fixed with the lowest total payment possible  FHA seems to have pretty high mortgage insurance and the LPMI option being quotes has a high rate.  Im in ohio.
  • January 06 2012 - Akron
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Answers (8)

I have not seen a GFE yet to see what the total closing costs would be though she has told me they would be under 5k total for title insurance and all the other jaz.

This is a friend of my wife working it up and im wondering if shes just padding the deal for a fat commission?
  • January 07 2012
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i am putting down 15k  i have 25k  i am saving around 4-5k a month right now so the longer it takes to close the higher the cash i will have.  Plus february is bonus and tax return time for me.  My Tax returns usually arent much but my bonus is likely to be pretty good this year.  ,  if i go FHA i will put down the 3.5%
The property is over 3 times the size of my current place and did sell for 550k back in 2003.  which is the reason for the retardedly high taxes.  Unfortunately in my county they do not automatically lower the taxes in an arms length sale which this is.  They only raise them,  So i cant use the actual taxes after appeal.  I have to qualify with the higher old taxes. 

  • January 07 2012
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$1000/mo for T & I? ( that is way out of scope for a $300K purchase ) Did the subject property sell for $700K-$750K in the last few years? How much bigger is this home compared to your current home, over double? A 3.875% rate on an FHA 30 year would be typical if you are getting a fat lender credit. What is the adjusted origination charge? After you put down 5%, what do you have liquid for reserves?
  • January 07 2012
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also my W2 base is 59500 and the average bonus over the last 2 years is roughly 4250

the 4 rental properties that are not on taxes rent for 800 800 675 and 675  total taxes and insurance across those properties is roughly 500$ a month.


my latest mid score is a 720  the scores quoted for mom and dad below are mid scores as well 
  • January 07 2012
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let me give all the details because if that rate can be achieved then she must not have good options for selling the loan.

On my 2010 taxes i have rental income of roughly 7700 with depreciation of roughly 7000.  3 of the properties that are on my 2010 taxes were purchased late in 2010 and do not have 12 months of revenue on them.  The 2 commercial loans were not in place during 2010 but are also not on my credit report.  they are on the insurance dec pages of the properties i own. and i have since purchased 4 additional rental properties.  She was allowing me to use 75% of the rent from those 4 additional properties.  My credit score is 720 my cosigners credit score is my wifes parents, they own a fast food restaurant. The mom has a 790 the husband a 689. they have a 1040$ mortgage and no other debt. Each of them make 12k on a W2 and then roughly 30k on a schedule E LLC that is owned by the dad. total income is just over 50k for them  they are married filing jointly. I have a lease for my current primary residence ready to go for 1500 and my 1st and 2nd mortgage payment are 1120 total. I am underwater on my primary home currently however. 

I want to close this loan but the best option she has given me so far is a 3.875 fha with 277$ in MI  and the property in question has roughly 1000 a month in taxes and insurance  putting the payment well over 2700.  The taxes can certainly be appealed and likely drop to around 500 a month but the starting payment makes me very nervous.  The 2nd option she has offered is a 30 yr fixed at low 5% rate.  that jacks the  payment up there pretty good too.

I need to get this payment low low lower!
  • January 07 2012
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Great Score! Are you frm the Twilight Zone?
What we are seeing now is 3.5% to 3.75% for owners occupied and
4.5% to 5% for income property.
You could also pay upfront cost to buy down the rate.
  • January 07 2012
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I'm assuming those rates don't show the mortgage insurance that is likely to be included since I'm only putting 5% down. Also. Are there any additions because I own so many properties
  • January 06 2012
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Hello,

Have looked at rates on Zillow Mortgage Marketplace?  You can shop for rates anonymously and compare.  Click on the link, then on the left hand side change the information to your loan scenario. 

Thank you,
Candace
Zillow Mortgage Support
  • January 06 2012
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