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Good Faith Estimate

Regular Contributor

Good Faith Estimate

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

 

 

 

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