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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?
That rate is appropriate for 97% financing.
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.