Member
dreamingofanewhome
Posts: 8
Registered: ‎03-10-2012
Question on FHA 203k loan...am i getting a bad deal??

I just received preapproval on a FHA 203k, not the streamline the full one, and I was quoted the following:

 

281,250 total preapproved limit

4.75% rate (quoted as up to, not locked yet)

estimated closing costs around 3.5%!!!!

 

Credit Scores - me - mid 680, hubby - mid 720

 

My husband feels like we are getting worked over on the closing cost estimate...and I feel like I'm seeing much lower interest rates around here.  Is it because my scores are on the lower end???

 

Because I'm worried about having a knowledgeable lo in regards to the 203k, I don't want to do too much shopping around...but am I getting a bad deal???  I was super exccited about preapproval until I started thinking about the closing costs....

 

Thanks in advance!!!!!