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Shane or Dallas - 1st Time Homebuyer Question - Currently in Escrow

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BBYGRL
Established Contributor

Shane or Dallas - 1st Time Homebuyer Question - Currently in Escrow

Hi Guys!

 

I finally found a home - it is an "AS IS" REO in Los Angeles. Although the property appears to be in very good condition, what should I be worried about when I review the results of the inspection on Thursday?

 

Also, there are reports about another cut in interest rates. I'm applying for an FHA loan. My credit is clean and my scores are above 780, I have my 3% down and the bank has agreed to pay 10K of my closing costs. When do you suspect my interest rate will be locked?

 

Any other advice will be appreciated!

 

Thanks!

Message Edited by BBYGRL on 12-16-2008 11:14 AM
10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


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2 REPLIES 2
DallasLoanGuy
Super Contributor

Re: Shane or Dallas - 1st Time Homebuyer Question - Currently in Escrow

Your rate is locked when you and the loan officer agree to do so.

The rate cut you are hearing about is the fed rate.... nothing to do with mortgages.

inspection? just look it over and see if there is anything that needs to be fixed.

Retired Lender
Message 2 of 3
BBYGRL
Established Contributor

Re: Shane or Dallas - 1st Time Homebuyer Question - Currently in Escrow

Thanks!

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


Take the FICO Fitness Challenge
Message 3 of 3
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