Hello all,
I am looking for down payment assistance and my loan officer suggested the GSFA Open Doors program.
Here is the info she presented: This estimate is for the FHA Open Door Program. You get 4.5 % Gift and a 2% 2nd Second Line based on the loan amount not Purchase Price. So your estimated cash to close is $26,773. Your 4.5% Gift is $22,313.38. They just increased from 4% to 4.5% . That means you would come in with a difference of $4460.39.
Interest rate: 4.65
APR: 5.88
30 year fix
LTV: 96.5
Purchase Price: $505k
IS THIS A HORRIBLE DEAL?
