Hello everyone! Received a Good Faith Estimate today for our FHA loan. Lender said our credit score was 693. I wanted to see what you all think about their offer. We applied through our builder's financial company. Thanks for taking a look!
Interest Rate: 3.250%e
Annual Percentage Rate: 4.234%e
INITIAL LOAN AMT: $226,047
LOAN TERM: 30
INITIAL INTEREST RATE: 3.250%
INITIAL MTHLY PMT (PRINCIAPL, INT, MORT INS): $1,139.71
CAN YOUR INTEREST RISE: NO
OUR ORIGINATION CHARGE: $3,401.60
THE CREDIT OR CHARGE FOR THE INTEREST RATE OF 3.250% IS INCLUDED IN OUR ORIGINATION CHARGE
MORTGAGE INSURANCE PREM: $3,887.80
OTHER SETTLEMENT SERVICES: $937
TITLE SERVICE: $624
OWNER'S TITLE INSURANCE: $1,657.57
GOVT RECORDING CHARGES: $152
INITIAL DEPOSIT FOR YOUR ESCROW ACCOUNT: $901.38
DAILY INTEREST CHARGES: $20.13
HOMEOWNERS INSURANCE: $600
AND THIS IS THE TRANSACTION DETAIL FROM THE UNIFORM APPLICATION
PURCHASE PRICE: $230,218
EST PREPAID ITEMS: $921.51
EST CLOSING COSTS: $7,130.79
PMI, MIP, FUNDING FEE: $3,887.80
TOTAL COSTS: $247,158.10
BORROWER'S CLOSING COSTS PAID BY SELLER: $7,752.30
CASH DEPOSITS: $500
LOAN AMT (EXCLUDE PMI, MIP, FUNDING FEE): $222,160
PMI, MIP, FUNDING FEE FINANCED: $3,887
LOAN AMT (INCLUDE PMI, MIP, FUNDING FEE): $226,047
CASH FROM BORROWER: $7,858.80
AND THIS INFO IS FROM THE ESTIMATED CLOSING COST AND PAYMENT BREAKDOWN
FUNDS TO CLOSE (TOTAL EST SETTLEMENT CHARGES FROM GFE): $12,181.48
PLUS SETTLEMENT COSTS NOT ON GFE (HOA, HOA SETUP FEE): $300
LESS: CLOSING COSTS TO BE PAID BY BUILDER: - $7,752.30
LESS: FINANCED FHA MORT INS PREM: - $3,887
GFE SETTLEMNET CHARGES TO BE PAID BY BUYER: $842.18
TOTAL DOWN PMT: $8,058
PRELIM EST FUNDS REQ TO CLOSE: $8,900.18
TOTAL MORT AMT
PURCHASE PRICE: $230,218
LESS DOWN PMT: - $8,058
BASE MORT AMT: $222,160
PLUS FINANCED FHA MIP: $3,887
TOTAL MORT AMT: $226,047
MORT PMT
PRINCIPAL/INT: $983.78
MORT INS: $155.93
REAL EST TAXES: $400.69
HO INS: $50
HOA DUES: $12.50
TOTAL MORT PMT: $1,602.90
