monthly payment amounts

finallyarrived · Joined: 19 Nov 2008 Posts: 4 1.88 Dollars($)

First time single buyer going FHA.

I have good/excellent credit in the 720s.

My max amount based on my financials is 350K.

I was working with a broker on determining monthly payment amounts. This includes the 3.5 FHA down, 1.75 FHA insurnace, taxes (.93%), insurance and PMI.

Does this sound right?

250,000 1,943.43
275,000 2,095.55
300,000 2,247.67
325,000 2,399.79
350,000 2,551.92

Thanks

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

I would say your being qouted in the mid 5's for an interest rate?

not sure of the homeowners insurance or if your financing the FHA specific upfront fee but it sounds pretty good.

chrisburns · Posted: Mon Dec 15, 2008 3:49 pm Post subject:

I would say with today's pricing those are about average. You may find better if you shop around and you will most definatley find worse.

finallyarrived · Joined: 19 Nov 2008 Posts: 4 1.88 Dollars($)

That was a rough estimate provided by the broker.

I asked for a GFE for a property and this is what I got. A 5 % loan with zero points, this doesn't seem right. When I talked to him the other day, he said he can't/won't lock a rate in until I find a house.

SALES PRICE $260,000
1ST TRUST RATE 5.000%
AMORTIZATION YEARS 30
2ND 30 YR AMORT. & 15 YR DUE 0.000%

ESTIMATED CLOSING COSTS
LOAN ORIGINATION FEE $2,509
LOAN DISCOUNT POINT $0
APPRAISAL & CREDIT $368 POC
TAX SERVICE FEE $79
FLOOD CERT. $18
UNDERWRITING FEE $300
PROCESSING FEE $300
SETTLEMENT FEES $500
TITLE INS. LENDERS & OWNERS $1,274
SURVEY (OPTIONAL) $250
RECORDING FEES $79
COUNTY/CITY TAX STAMPS $867
STATE TAX STAMPS $851
2ND TRUST COSTS $0
MISCELLANEOUS $100
FHA/MIP $4,390
1 YR HAZARD INS. $420 POC

$11,517

jerry · Posted: Mon Dec 22, 2008 2:36 am Post subject:

Hi finallyarrived,

Yes, it is true that lender won't be able to lock a rate until you found a house. You have mentioned that Sale Price is $260,000. This means you are looking for a loan around that range ($260,000). You have mentioned that amortization years is 30. So I guess, you are looking for a fixed rate mortgage with an interest rate of 5%. Last week the rates were around 5.28%. So I think the rates may be a bit high than your expectation. You can also check out the rates with the given link:
http://www.mortgagefit.com/rates/

As far as estimated closing costs are concerned, I think the lender is charging you the right amount.

Thanks,

Jerry

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