Re: Re: Heartbroken Thanks everyone for your support and advice. I came to realize this mortgage woman I am dealing with is no good. I called her this morning and I said I never received a good faith estimate and she said, oh i never gave that to you, i must of forgot and she said do you have a fax number I can send it to, I said yes without hesitation and she told me that she would fax it to me right after she hung up the phone, well that was 9:30am it is now 9:03 pm and I have yet to receive it, So right after I hung up with her the realtor calls me and tells me the seller signed the contract (he lives in Florida) and to come into his office to pick up my copy, so I tell him ok but I want to let you know I am going to try another mortgage company because I dont like this woman I am dealing with so he says Let me give you a number to a mortgage guy I know well in the business. I said great ok, So I call and guess what?? I couldnt believe it, This man said ok I dont see a problem by what your telling me let me check over some things like credit and I will get back to you later this afternoon, this afternoon he calls and said there is NO PROBLEM getting mortgage with us putting down $3500 and the seller paying $4000 closing and its an FHA loan. I was in total shock, so now the only concern is if the seller will sell it to us FHA, it really needs cosmetic work but everything else should be fine. Old people had it and didnt do a thing to the house as far as cosmetics since the 50's. I am very happy but leary at the same time, This mortgage guy said we couldnt go convential with such little $ to put down and the low credit scores, but no problem with FHA. WOW! I am amazed at the difference from these two mortgage brokers, Oh and when I told him who the first mortgage company was, he said O yeah I know of them, with disgust, and I said really? and he said they dont have a good reputation. ....Stupid me, huh? How would I know though right? Anyway what do you guys think, should I be concerned of the drastic difference from these two mortgage people or am I being paroniod? What should I be expecting now? Thanks so much.
Re: Re: Heartbroken Sahlegian, so you think this is too good to be true or is it about right? I dont want my heart ripped out again, I'm not sure what to think....Let me know thanks.
Re: Re: Heartbroken I'm so glad for you!!! I'm not surprised at the difference - it sounds much more reasonable to go FHA and have to put down that much. I think you have every reason to be cautiously optimistic. I know FHA inspections can be rather stringent...you might want to get a "pre-inspection" (which will cost you a little bit) to identify any issues that could cause issues with an FHA loan. Ask your loan officer if he has a check list of issues that the FHA inspector will look for. Good luck and keep us posted! Poochie
Re: Re: Heartbroken Thanks Poochie! I am excited. Is a pre-inspection the same as a home inspection? Or is that something different entirely? I do know that the township is pretty strict too, the realtor said that to us, so whatever FHA wants I am sure the township will want the same no matter who buys the property FHA financing or not. I will ask the realtor for a check list of what FHA looks for, thats a good idea. I also asked the mortgage guy to call the realtor to tell him the financing we will be getting since they do business together they may have a good business relationship and the mortgage guy may talk the realtor into selling it FHA if they dont want to, thats my concern now. But I should know sometime this weekend I hope. Never a dull moment with me, always something to worry about. But YAY! I am so excited I hope everything goes well. Thank you for your support and help and everything everyone, I will let you know whats happening. I am curious myself If we will be stuck in this rental house or on our way to homeownership in the next month.
Re: Re: Heartbroken Sorry - preinspection is just my term, meaning you should pay someone to look at the house before the official FHA inspection so you can catch and correct any problems ahead of time (this might take some skilled negotiaions with the owner, make your realtor work for the commission). With the real estate market as slow as it's been in most parts of the country, you probably won't have a problem getting the seller to accept an FHA contract. I bought a 1920s house on FHA about 10 years ago, and it passed the inspection just fine. I'll send lots of happy, positive thoughts your way. Poochie
Re: Re: Heartbroken Well, I am really happy that you found another mortgage broker. The first lady was totally ripping you off and had absolutely no idea what was going on. I do feel that the second mortgage guy has a much better idea about what is going on. Please keep us posted!
Re: Re: Heartbroken I think the 2nd mortgage guy is on the up and up... that sounds about right for an FHA loan. I suggest you get a private home inspection as well as the FHA inspection. remember in an FHA loan the seller assumes many more costs, so any contingencys that you put on the house eg: fix this, repair that, found by the private inspector the seller may be hesitant to fix. Also if its old and run down GET A TERMITE INSPECTION, also get make sure you get a copy of the radon inspection that the seller pays for when its sold FHA. I dont see why a seller wouldnt sell it to you FHA. unless they really need that extra money. You should get a decent rate too. I would push to lock in a good rate soon, because the holiday season boosts the econmy which drives rates up.
Re: Re: Heartbroken Yeah, exactly what I was thinking a home inspection seperate from the FHA. Well to update, the seller said yes! to selling it FHA, yippee! and we got the mortgage papers and we are locked in at the rate of 5.87%, good right? The most expensive thing we must pay for now before settlement is the appraisal which is $375, sound right? I'm thinking its this high priced because its FHA. This is to be credited at closing I am told though. and also a termite inspecton. Thanks for your help everyone, greatly appreciated.
Re: Re: Heartbroken 375 for an appraisal isnt bad, you can expect to pay around 300 for one. It varies bank to bank.. and 5.87 is an excellent prime rate. see what a lil persistance will do for you. and now you are almost the resident expert on home buying now I bet too. I started just as pissed and confused as you were in the beginning..
