Question on FHA 203k loan...am i getting a bad deal??
03-28-2012 06:05 PM
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!!!!!