Fha loan Need help (in Process)

[Tireman32]

Hello everyone and Thanks to who can help..

I have a lender who is from Primary Resdential Mortgage..

any one used there services before?.. Mine is in Maryland..

I kinda feel Like there getting over on me but not sure..

My credit score is 672

I was told my DTI is at 50% with Buying the house for $150,000 out of pocket at closing is $9669.99 with $5,000 help from seller at closing..

one question is arent interest rates for fha loans at 4.25% ?

 the lender is charging me a point to get a 30 lock at 4.25% when everywhere I look that is what the interest rates are..

also he is giving me a 5.751 APR which I thought was pretty high..

Can anyone help me Please.. need any more info hit me up..

[BrianB_The_Loan_Professor]

Welcome to the forum

FHA rates are not the same everywhere - banks all build a margin into the rate and sell based on that

That said if I am reading this right they are saying it is going to cost you the down payment and another 9K for closing costs? wow thats brutally high 

The only way I can see the costs being that high is if you are in the NorthEast and have to pay Transfer taxes and high homeowners -

DFo you have a Good Faith Itemization?

Something sounds a little suspect - even with the 1500 to buy the rate?

Brian

[Tireman32]

Thanks for the reply . Sorry I might have put it the wrong way . I'm putting in $9669.99 that is including my down payment . With me and the sellers closing help of $5,000 its totalling to just about 15,000 closing including the down payment. I do have to pay transfer taxes . was wondering did you think that the Apr was high being at 5.751% . So charging a point to lock inside 30 days before closing is a known thing. I kinda thought the point for locking in was wrong because my lender says he uses a few different banks and named wells Fargo as one of them and when he locked me in the interest rates were at 4.25% with Apr 5.351% Apr no points . All my lenders fees are at the top end + the point and a high Apr.. Do you think he is getting over? I appreciate ur time ..
I heard the lenders usually charge a point to lock past 30 days like 45 +
I'm supposed to close Feb.7
First time buyer ..
Have a great day..

[BrianB_The_Loan_Professor]

The APR is high because the fees in your area are high - it varies but when you pay that much in closing costs the APR will be skewed

as far as Points - Banks charge whatever they feel the market will bear - there is no set formula for when a point gets charged

when quoting rates I try to give three options - one with a point one with no point and the third with a credit

Most choose no point as the rate difference is usually no more than 1/4 point

Good Luck with the rest of the loan

Take Care

Brian