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PLEASE HELP: so afraid i'm going to lose my house !

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Frequent Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

Edited because I typed before I Googled!

Sept 15 -- All mid 400s
Jan 16 -- All mid 500s
Current: Knocking on 700s
Message 11 of 26
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Regular Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

yes im on that program - with just a bit of assistance i think after all the fee's it's like 1 % assistance. Seller is giving $2000 in closing costs. 

 

I'm at the 4.875% rate.

 

My lender said not to worry. Even if rates were to go up a little I'm not in danger of losing out on the deal. The closing loan document is looking fine. This is based off his experience. I dont know him - but I also dont have the time/energy to go looking around for other lenders. I'm assuming he is doing his best to provide all the information that is going to save me the most money but i'm not sure. My house is a new construction build.

 

It wont be ready until 1/4 and i'm closing on 1/11. So until the appraisal - I cannot lock a rate. Per my lender.

 

I dont know if I really should consider shopping around. I'm not sure I would get a better deal anywhere else - if Freddie Mac HFA Conventional is set at 4.875%... what do you all think I should do?

 

 

 

525 score as of 9/2015 --- only way to go is up!
Message 12 of 26
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Established Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

The publisher rate for your program is is 4.625. High. Look at the links I provided.however you are your.best advocate and if you don't want to shop around then it is what it is.
Message 13 of 26
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Valued Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

Do you really need the DPA? It's going to cost you a ton to use it so I would avoid it if at all possible & look for another lender since your current one didn't offer you the same advice I am.

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Message 14 of 26
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Moderator Emerita

Re: PLEASE HELP: so afraid i'm going to lose my house !


@VALoanMaster wrote:

Do you really need the DPA? It's going to cost you a ton to use it so I would avoid it if at all possible & look for another lender since your current one didn't offer you the same advice I am.


^^+1000 ...Run an amortization schedule on the program using the rate you were given against the normal FHA rate today and compare what you are paying for that very small contribution.  

Message 15 of 26
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Regular Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

my program is called AZ HOUSING HOME PLUS HFA PREFERRED 30 YR FIXED BOND -- which I believe comes with 4% assistance. 

Freddie Mac HFA Advantage4%

 

Total Loan Amount: $205,105.00

Note Rate: 4.875% -- HOWEVER it has increased since yesterday now at 5% =

 http://www.ehousingplus.com/available-programs/arizona/arizona-hfa/adoh-homeplus/

 

 

Would anyone be willing to look at my Loan Estimate and advise? Here is Link: http://imgur.com/a/PQ7w1

 

My loan officer said that the FHA was not in my favor. He also said that in his experience, everything should work out fine. It's reasonable to assume interest rates will stay relatively the same and that an increase of 1% is not possible. 

 

I do not have that much money to put down... like 10-15K max. My credit score is only 650-660 max. I'm highly dependent on the assistance and on the interest rates staying low. 

 

I do think I need the assiatance -- i'm really scared i'm not going to qualify on closing date due to interest rates being so high due to election cycle.

 

Any help is so greatly appreciated!

 

 

525 score as of 9/2015 --- only way to go is up!
Message 16 of 26
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Established Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

 
Message 17 of 26
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Established Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

640 minimum score on that HFA page with 2.5% DPA with FHA is 4.375. Why won't you qualify??
Message 18 of 26
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Regular Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

yes, i'm getting that 4% DPA -- but there is a lender fee of 2.5% so it's really just 1.5% assistance. 

 

I'm not sure if I need it -- my original lender said it was in my best interest to go with this Home Plus Program with DPA at "1.5%" and interest rate at Freddie Mac HFA rate which is today 5%. He said that the FHA was not going to be as favorable. He also said that Fannie May did not accept the loan but Freddie Mac did. Which I dont understand why if I now have a 660 credit score suppossedly + 20 points higher than where I was when I got declined for the pre-qual originally. Then after paying down my credit debt, I received the pre-qual. My monthly payment seems way too high ($1500+) and I dont even know if the whole reason for taking this path is to avoid the PMI, but I dont think that even with the DPA it totals 20 %down but I could be wrong... Perhaps that's with the understanding that the PMI will drop off sooner, substantially reducing the costs over the lifetime of the loan. 

 

If my goal is to sell this house in a couple of years for profit, I don't know what path to take. 

 

At the advise of others in this forum -- I contacted Quicken for a second opinion.

He said they could lock in rate 40 days in advanced which is 12/2 for a FHA 30 Year Fixed at 3.625% with 3% down which is about $7600. 

 

This sounds more favorable to me, but I dont exactly know why, other than the obvious lower interest rate... Can someone explain this to me? 

 

I'm afraid of running my credit for another pre-approval because I just got my credit score back up and it's been about 30 days since I got the pre-approval from the original lender. 

 

Thank you all !

525 score as of 9/2015 --- only way to go is up!
Message 19 of 26
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Regular Contributor

Re: PLEASE HELP: so afraid i'm going to lose my house !

Yes, that is including insurance and taxes. 

525 score as of 9/2015 --- only way to go is up!
Message 20 of 26
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