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Guest

My wife and I are soon to be loan shopping, and I wanted to know what you all think my ballpark rates should be.

Credit profile: 660 average FICO for all 3 scores, Wife's scores are average 635FICO.

I will be using a VA loan, and I make 108k yearly. Wife makes just over 25k. We can provide bank statements for income verification. We also have 1 car payment of $454 with ~24 or so months left on it. No CCs or loans or anything else other then utilities and the car payment.

From my research, I think I should be under 6% hopefully 5.5% or better but I would love some reassurance from the community here.

P.S. If it helps we are located in the DC metro area (Virginia) so it is expensive here....very....

Thanks in advance!!!!

adonis · Posted: Tue Mar 29, 2011 10:47 pm Post subject:

Welcome Uncle_Junior,

With an average FICO of 660, you will be able to get a VA loan. Even I personally feel that you'll be able to get a interest rate of around 5.5%. You should contact the local VA lender and start applying for loans.

Guest

Cool deal, thanks Adonis.

Also thank you for your other numerous posts that I have been educated from within this forum.

adonis · Posted: Thu Mar 31, 2011 12:24 am Post subject:

You're welcome, Uncle_Junior! Smile

jimgilly · Posted: Thu Mar 31, 2011 2:50 am Post subject:

What do you estimate the purchase price to be and what, if any, down payment do you intend to make?

Guest

@Jimgilly

Purchase price 399-450K with 0 down using a VA loan, however I do want to pay the VA funding fee(s) and have more then enough money for closing if needed. I'd like to keep $$ in the bank or chip away at some for any home modifications we may need to do.

Thanks in advance.

jimgilly · Posted: Thu Mar 31, 2011 1:15 pm Post subject:

At the moment, you should be able to find a 30 year VA loan around 4.875%, give or take .125%.

Guest

So I am looking at a spreadsheet my broker gave me with some preliminary numbers. After some minor online research there seems to be some potential BS fees listed.

Is it Taboo for me to list the fees here for the community experts to review? All names would be taken off for privacy. I would like an inside non-bias view before moving forward with my broker.

Thanks in advance

jimgilly · Posted: Mon Apr 04, 2011 9:35 am Post subject:

I would think the more specific you can be the better the opportunity to provide you with useful information.

Listing particulars such as fees, rates, loan plan etc. shouldn't be any problem. Beware though that rates/fees you get on one day could be different from what they will be tomorrow. In fact, pricing can change several times within the same day at the same lender.

gmakerley · Posted: Mon Apr 04, 2011 9:52 am Post subject:

Uncle, fees are going to be varied depending on what kind of vendors are being used, locations, values, etc. but there's nothing that will stop you from posting them for us to give you opinions on their validity.

Guest

Very good George and Jim,
I will post numbers at my earliest convenience.

Guest

Preface:

So I've read there are a few closing costs the Veteran should not pay as stated on the VA website, which were included in my estimate.

Guest

The formatting sucks when inserted into this forum, it came from excel which I tried to clean up in word.

thanks again in advance MF.

I. Prepaid Items & Escrow Accounts
812 VHDA Reservation Fee
901 Pre-paid Interest Estimate (no. of days) 5 @ $58.56 per day $293
902 Mortgage Insurance Premium (1st Year)
903 Hazard Insurance (1st Year) $600
1001 Hazard Insurance Escrow Estimate (no. of mos.) 3 @ $50.00 $150
1002 Prorated Taxes for the month Estimate (no. of days) 5 @ $70.83 $71
1003 Real Estate Tax Escrow Estimate (no. of mos.) 4 @ $425 $1,700
1004 Pro-Rated Condominium Fees Estimate (no. of days.) 5 @ $70 $12
Other: HOA Capital Contribution $140
I. Total $2,965

II. Closing Costs 1st Lien
801 Loan Origination Fee 0.00 point(s) $0
802 Loan Discount Points 0.00 $0
803 Appraisal Fee $400
804 Credit Report (plus updates, if applicable) $20
805 Final Inspection Fee (New Properties Only) $0
808 Tax Service Fee (FHA / VA Loans, Seller Pays) $0
809 Underwriting Fee $295
810 Processing Fee $295
811 Va Funding Fee $9,675
1103 Title examination $200
1106 Real Estate Admin Fee $0
1107 Attorney Fees/Attorney Doc Prep Fees $200
1102 Title Search/ Title Binder Fees $75
1200 Title Insurance (Lenders and Optional Owners Coverage) $2,198
1201 Recording Fee $99
1202 City / County Tax Stamps / Transfer Fee $749
1203 State Tax Stamp / Transfer Fee $2,248
1205 Wire Fee $35
1204 Grantors Tax $0
1302 Well: $100 Septic: $100 Termite: $50 $50
1303 Flood Insurance Certification $26
Other: Courier Fee $50
Other: Condo Transfer and 1 month Fees $0
II. Total $6,940
Equals Total Cash Required At Closing $9,905
2 month PITI Reserve $5,886
Total Funds Required to Qualify $15,791

Guest

The above is quoted for 450K @ 4.750% 30yr Fixed.

jimgilly · Posted: Wed Apr 06, 2011 4:22 am Post subject:

Looks about right if this is in fact what he could deliver on.

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