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Advice on a loan, is this a good deal?

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last4ever
New Member

Advice on a loan, is this a good deal?

My wife and I are under contract for a  house in Springfield VA.  The sales price is $429,900.  The seller agreed to pay 3% in closing costs.  Our reserves total around $22k, and our lowest middle credit score is 695, combined income is $122k.  

 

The program we currently agreeing to is the Fannie Mae conventional 97% with PMI.  Our total cash at closing would be $13k.  Our monthly payment would be around $3180 at 5%  Broken down as follows:

 

P&I - $2238

Hazzarad insurance - $70

Taxes - $340

Mortgage Insurance - $431

HOA - $100

 

Any advice, is this a good deal?  

Message 1 of 3
2 REPLIES 2
ShanetheMortgageMan
Super Contributor

Re: Advice on a loan, is this a good deal?

That rate is appropriate for 97% financing.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 2 of 3
GRate
Valued Member

Re: Advice on a loan, is this a good deal?

I would recommend shopping around with 2-3 lenders to compare. You will know if you are getting the best deal and have nothing to lose.

Message 3 of 3
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