GFE~Can I please get a opinion from a Mortgage Professional?

[mwr1ght]

FlagStar Bank:  GFE

Sale Price: $63,000.

Base Loan ammount $62,900

Total loan ammount $63,843.00 (HUD repair escrow of $627.00)

Type of loan: FHA 203(b)

Date prepaired: 7/24/2008

Interest rate: 7.250%

800

801-Origination fee (1%)----$629.00

803-Appraisal fee--$350.00 (Was told I may not even have to pay.)

804-Credit fee--$50.00

809-Flood Cert.--$8.50

812-Underwriting Fee-Govm't FHA--$300.00

820- Processing Fee--$300.00

900

901-Interim Interest for 24 days@$12.68 (est.)--$304.35

903-Hazard Insurance Premiun--$650.00

1000

1001-Hazard Ins. Monthly escrow 3 days @$55--$165.00

1003- City Tax 6 months @$280.00--$1680 (non homestead)

1100

1101-Settlement/closing fee--$450.00

1108-Title Insurance--$375.00

1200

1201- Recording fee--$62.00

Estimated funds needed to close

Down payment--$100.00

Est. Closing Cost--$2524.50

Est.prepaids/Reserves--$2799.35

Other: Credits Says see next page which I did not recieve.

TOTAL FUNDS NEEDED TO CLOSE = $3533.85

TOTAL ESTIMATE MONTHLY PAYMENT

PI $435.52

TAXES $280.00

FLOOD/HAZARD INSURANCE $55.00

MORTGAGE INSURANCE $ 26.09

TOTAL MONTHLY PAYMENT $ 796.61

TOTAL ESTIMATE SETTLEMENT CHARGES $5323.85

Message Edited by mwr1ght on 07-24-2008 09:41 PM

[ShanetheMortgageMan]

For Flagstar it's an OK GFE, however Flagstar has higher rates for lower loan amounts, whereas there are other lenders which do not.

[mwr1ght]

Do you know which lenders don't penalize you for buying a home with a lower mortgage? I am in Michigan. Also, do I have ample time to switch lenders. With HUD homes they now like to close in 45 days I am being told (By my agent.)  My offer on the HUD home was accepted Wednesday. I signed a bunch of papers Thursday at Flagstar offically applying for their mortgage. What would you suggest Shane/ Or anyother mortgage professional? 

Thanks in advance!

[Anonymous]

My loan is about the same price and I was offered 6.375% and pre-approved at Chase, National City and Countrywide. Hope that helps, that rate stinks!!

[granny031350]

I am going to apply for FHA or the MSHDA loan (you might qualify for that also, much lower rates) with Bank of America.  You might try there.

[ShanetheMortgageMan]

mwr1ght, since you are buying a HUD home with the $100 down payment program you would also need to make sure that the lender participates in such program - not all FHA mortgage lenders do.  Flagstar definitely does though.  I know Wells Fargo doesn't penalize for lower loan amounts but not sure if they do the $100 HUD repo program.