Reply
Regular Contributor
Posts: 187
Registered: ‎07-06-2013
0

Re: usda loans and out of pocket costs

Why is that? Appraisal came back higher than contract - or am I missing something?
New Visitor
Posts: 3
Registered: ‎12-09-2013
0

Re: usda loans and out of pocket costs

Themizlyn, we only have $1000 difference between purchase price and appraisal price, so that only allows is to finance $1000 worth of closing costs, , our closing costs are at $9,300!! So we needed the appraisal to come bac at like$104,000
Super Contributor
Posts: 6,809
Registered: ‎10-03-2008
0

Re: usda loans and out of pocket costs

My USDA Loan came out with me only paying for the home inspection $400. Got a great rate for 30 years. All other costs were reimbursed. My lendor was resourceful in making sure I came out where I needed to.
Starting Score: 760
Current Score: EX 806 TU 814 EQ 818 FICO 08
Goal Score: 850

Take the myFICO Fitness Challenge
New Member
Posts: 4
Registered: ‎12-05-2011
0

Re: usda loans and out of pocket costs

No, the closing cost should only be 3-5% of the purchased price. Additional financed numbers should be factored into the loan. Ask to have the home owners insurance and property taxes escrow into the monthly mortgage. If the house is appraised for more than the asking price then ask to use the equity and add the remaining cost into the loan. It will still be cheaper to factor in amount over 30 years and have additional money in your pocket now. Just research as much as you can and go back to your LO with questions.

New Member
Posts: 4
Registered: ‎12-05-2011
0

Re: usda loans and out of pocket costs

Did you ask the seller to cover any closing cost?  Don't give up. I've been under 3 contracts this year along, and each time I learn more about the process. Sometimes I think this process is meant to discourage people. Stay the course, you'll find what works. The reward will be worth it. Stay encouraged

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.