hey u wonderful LO's & others

[Anonymous]

i have a "worksheet" from a lender. i keep asking him is this all the money i need he assures me yes "as far as his bank" but aren't there more closing costs associated?? also this was before the rates dropped

loan amnt 145,000

down payment 2.25 (my 1st concern, thought it was 3)

base loan 141,700

mip/vaff financed 2,126

final loan amt 143,800

interest rate 6

orig. fee  1

discount pts 0

years of loan 30

monthly payments

pi 862

taxes 108

ins 29

mi 59

estimate 1058

closing cost

orig fee 1417

disc pts 0

appraisel fee 400

inspec fee 0

credit report 11

doc review 305

tax service fee 0

flood cert 8

settlement cost

atty/closing agent 550

title insur. 771

state local record tax 1022

escrow & prepaids

inter 24

ins 406

taxes 430

down payment 3300

cc 2141

settle c 2342

escrw 860

total 8643

am i missing something or is this pretty much it?????

[BrianB_The_Loan_Professor]

This looks about right - it is an estimate and can change but should be very close

Brian

[Anonymous]

thanks B. i expect some variance but not thousands of dollars!

[DallasLoanGuy]

Depending on the state, the down payment can be as low as 2.25%

But the 3% "borrower commitment" still exists. So, it is just easier for us to say 3% down 

[BrianB_The_Loan_Professor]

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@DallasLoanGuy wrote:

Depending on the state, the down payment can be as low as 2.25%

But the 3% "borrower commitment" still exists. So, it is just easier for us to say 3% down 

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Hey Tom my understanding is that all loans registered after 1/1/09 this changes to a straight 3.5% down payment across the board regardless of state is that how you are reading it?

B

[WhirledPeasPlease]

I closed in August w/ a check for $1776.  And that included my insurance to be escrowed.  I was FLOORED.  (I had previously put 500 down to start the building process, but that's it.)