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I was thinking of applying to new american funding or rocket mortgage? American funding has there rate for FHA listed at 3.25%. Thats with 2 discount points though. Anyone deal with them?
On My rate sheet on a 270k purchase price on FHA loan with 700 credit score shows that it scould cost a lot less then 2 points. It costs just less than 1 point 0.943 That is a difference of $2,854 savings to borrower. A 640 score for that same loan scenario only costs 1.443. So a 640 credit score can in fact obtain a 3.25% loan. I didnt think this would be possible again.
@Mortgage-Specialist wrote:On My rate sheet on a 270k purchase price on FHA loan with 700 credit score shows that it scould cost a lot less then 2 points. It costs just less than 1 point 0.943 That is a difference of $2,854 savings to borrower. A 640 score for that same loan scenario only costs 1.443. So a 640 credit score can in fact obtain a 3.25% loan. I didnt think this would be possible again.
3.2500%I wonder why my LO is so high on my percentage? I mean were off by alot. How do they figure out how much each lender tacks on to the rate? From the way I understand it the FHA sets a rate and then anything over that is tacked on by the lender for profit?
On a 270k loan amount, a 3.75% rate actually would give you 0.5232% of the loan amount toward closing. This means you should get a lender credit of $1,412. This basically means you'd get $1,412 toward title fees.
Par rate would actually be 3.5%
Wow, I may also apply with my credit union (UFCU). They have a 3% FHA advertised with 1 point on there website.
A few more questions that someone may know off the top of there head so i dont have to start a new thread.
*The 97% Fannie mae is 1st time buyers only? I keep seeing conflicting reports and Fannie Maes website says 1st time only as well.
*To exclude an installment loan is it 5% of your total gross for that one loan? So my installment is $395 per month with 5 months left and my gross is $9300 or so per month.
Thanks
@Anonymous wrote:A few more questions that someone may know off the top of there head so i dont have to start a new thread.
*The 97% Fannie mae is 1st time buyers only? I keep seeing conflicting reports and Fannie Maes website says 1st time only as well.
*To exclude an installment loan is it 5% of your total gross for that one loan? So my installment is $395 per month with 5 months left and my gross is $9300 or so per month.
Thanks
I want to define 1st time home buyer because I thought it meant “never” owning a home before. Here is the fact:
A first-time homebuyer is an individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
Ya, unforunatly I sold my last house about a year and a half ago.