Mortgage Loans

[Lusion]

First post and probably don't have much to add. I recently closed on a property and used the Gauranteed product and it was painless for the most part. USDA was the hold up once it was submitted for approval, I ended up having to call the director for my state for them to finally sign off on it. 

One thing people need to consider is that by the end of this year USDA will be adjusting their eligible areas as the census data is processed. So if you're looking to purchase in an area that you know is no longer rural it would be in your best interest to start the buying process now before that area is no longer eligible.

[Lasardo]

If my credit score is 704 EX, 703 EQ and 631 TU how is that figured?
Also, I am disabled on SSDI, I was told by the LO that because I do not pay taxes they would figure my income higher.
My income is $1765 a month.
I do not have savings but was told on an FHA loan the government would give me 5% down..
Is this true?
Also, I have no debt, except for a $255 debt that is due to fall off in December/2012
In 1 month..
Should I wait to process my loan then considering my score will increase dramatically.
Additionally, I am on 2 cards as an AU, my credit goes only back 1 year for myself, alone, except for a car loan from 2008 which that will be paid off in February, how will that affect me?
I am looking at a $105k loan. It is about $400 more to rent in my area (Arizona) than it is to buy.
Any help on these questions is appreciated.

[beastykato]

Hi, I'm a first time home buyer and ran across this thread in a google search.  I was just hoping to post the USDA loan specifics that I was given to see if it's a good deal and all the costs look reasonable.  I really have no idea what I'm doing =P.  I understand the interest rates and such that go along with mortgages, but really have no idea at all about what to expect as far as fees and if fees and rates are even negotiable under a USDA loan to begin with. 

This is what I have been quoted thus far on a home where the asking price is $145,000 (no negotiating of the price has been done yet.)

Sale Price: $145,000

Closing Costs: $5040

 -Appraisal/Reinspection: 400

 -Credit Report: 75

 -Funding Fee: 205

 -Underwriting Fee: 305

 -Flood Certification: 25

 -Settlement Fee: 200

 -Document Prep: 200

 -Notary Fee: 25

 -Title Insurance: 1140

 -Title Endorsement: 175

 -Recording Fee: 250

 -Pest Inspection: 65

 -Transfer Tax Stamps: 1450

 -Home Inspection: 350

 - *Optional: Closing Protection Letter: 75

**** The above fees are slighlty off by ~70 dollars when I added them up.  I'm thinking the mortgage rep forgot to list something. 

Prepaid Items: $5984

 -12 month tax escrow: 1800

 -30 Days Prepaid Interest: 426

 -1st Year Homeowner's policy: 690

 -2 months insurance escrow: 180

 -USDA Upfront "MIP": 2959

 -2 months "MIP" Escrow: 99

*** again these costs don't add up to the total in bold.  I must be missing something because I doubt this guy is that bad at math??

Payment Breakdown (Loan Amount $147,959 @ 3.5% Interest and $1565 Required at closing)

 -P&I: 664.40

 -Taxes: 150

 -Insurance: 50

 -"MIP": 49.32

 -Total:  913.72

[Legal_Girl]

I am the widow of a veteran who died from a service connected disease. We have a son who is a minor (16). It is my understanding that since my husband died crom a service connected disease that I would be exempt from the VA funding fee. Buying a house before end of year. Trying to get a bigger down payment. . Since I am exemlt from funding fee, won't the VA be the best way to go????

[Legal_Girl]

*****sorry for the typos. .. just got a new phone last night..

[JM-AM]

VA if qualified is almost always the best way to go.