GirlGhost

We don't want to pay more. At the time we offered more we had no idea it wouldn't appraise for that high. And, the reason we did offer more was because we were trying not to lose the house to the other couple and we figured we were somehow compensating the sellers since we were asking them to cover all of the closing costs. May sound dumb but this is our first house, we've been actively looking for over a year and lost bids of several other houses already. We just really wanted this one is all. Stupid? Maybe. But we didn't think it was a stupid move on our end. Especially since comps for similar homes in the area show that it would most likely be worth more than what they were even asking......AND we REALLY want the house.

Well we got off the phone with our mortgage lender not too long ago and he said the bank will NOT do another appraisal (we're going FHA) since an FHA appraisal was just done within the last 120 days. It has to stand for 120 days as the last appraisal is assigned to the house for that long. He said the most he can do is offer up the new comparables to the FHA agent who appraised it the last time to show that he believes the place should appraise MORE than when it did in Feb/Marches. But he said they almost never change it. That if they appraise it at one price, that's usually what they stick with until those 120 days are up. So, I guess we wait and see. And if the appraisal has to stand as is, then I surely hope the home owners will come back down to that price because we cannot offer them anything more, sadly. Hi Brian, guess we were posting at pretty much the same time.........let me go see what you said.

So, is it true that an FHA appraisals sticks for 120 days? Is there nothing that can be done about getting a new one? Scenario, a house went under contract in Feb/March. A few days before closing, the buyers backed out. House went back up. Hubby and I saw it, loved it, made an offer and it was accepted. Things are moving along nicely. However, we were just told that the first buyers were also going FHA and, during their appraisal, the house appraised for $190,000, which is the exact amount the sellers put it up on the market for. We didn't know this, of course, and offered $6500 OVER that to compensate for the fact that we asked them to cover all closing costs. Plus we were afraid of losing the house to another couple who also put in an offer the same time we did. So anyway, we find this out now and from everything I'm reading, it sounds like it sticks for 120 days and can't be changed/another one can't be done. Our agent seems to think our mortgage lender will be able to get a re-evaluation done based on comps she provided him showing that homes in that same area, with same square footage, rooms, etc. are going for much more now, since that March appraisal. I personally don't think that will matter and think that FHA will make it stand. What do you think or know about such things? Will the 120 days stick? I hate to say it but, I do not think the sellers will eat that difference. Although IMO they should because they KNEW AHEAD OF TIME that the place appraised at exactly what they were asking and still allowed us to offer them more/over. IMO they even should have put the house up at a lower price. A price UNDER the appraisal just knowing that there may be a small "bidding war", if you will, between buyers and/or that someone may offer more for whatever reason. Really ticks me off.

I appreciate that! Thanks so much!

Like I said, this is all new to us (live in Pa). And, as of right now, I do NOT know the amount of seller contribution. As I mentioned before, this is just a quick run down to give us an idea of what kind of numbers we'd be dealing with IF WE DO decide to put in an offer on this particular house. So, I guess once we put an offer in, we'll find out what they're willing to contribute. Otherwise that info has not yet been disclosed. Thanks so much! I asked whether or not this all looked correct because, when I posted about something similar in the other thread, everyone told me that $14K number did NOT seem right. So, just figured that by posting it all, someone may be able to figure out what the hell is going on. Thanks again!

Anyone?

So far, no luck here or in that forum. :-(

So I created a thread the other day to get some info and help. Well today I am asking if any loan officers could look at this paperwork and tell me if it all looks ok. Are there things added twice or calculated wrong that shouldn't be? Do you see anything that stands out as wrong/incorrect? If an item is BLANK and/or has no numbers next to it, then that means we are not being charged a fee for that service/item. Also, he (our LO) said he added what fees we would have had to pay out of pocket, to this sheet (not that we asked that it be done but....). And NONE of this is set in stone. Just an estimate/idea of what we're looking at. Oh and, that CASH TO CLOSE in our 3.5% down going FHA. Thanks in advance. LOAN AMOUNT DETAIL Base Loan Amount $ 204,580.00 Financed Mortgage Ins. / FHA MIP / VA Funding Fee / USDA Guarantee Fee $ 3,580.00 Total Loan Amount $208,160.00 CASH TO CLOSE DETAIL Purchase Price / Refinance Amount $ 212,000.00 Alterations, improvements, repairs $ Land (if acquired separately) $ Less Base Loan Amount $ ( 204,580.00 ) Less Subordinate Financing $ ( ) Balance of Down Payment / Refinance Amount Due at Closing $7,420.00 Origination Charge Plus Other Lender Fees (See attached addendum when applicable) $ 1,216.00 All Other Settlement Services (See attached addendum when applicable) $ 14,104.69 Credits and Deposits (See attached addendum when applicable) $ (15,300.00) Total Cash Needed To Close $7,440.69 TRANSACTION OVERVIEW ITEMIZATION Origination Charges Loan Origination Fees Application Fees Processing Fees 500.00 Underwriting Fees 550.00 Broker Fees Doc Prep Fee- Docs Direct 115.00 Automated Underwriting Fees 15.00 Verification Fee Y Fraud Detection Services 36.00 Origination (Discount Points) Origination Credit - Total $ 1,216.00 All Other Settlement Services Appraisal Fee 380.00 Credit Report 75.00 Tax Service Flood Certification 9.75 Mortgage Insurance Premium 3,580.15 VA Funding Fee 808 Appraisal Admin Fee 120.00 809 810 811 812 813 814 815 816 817 Title services, lender’s and owners title insurance Settlement or Closing Fee Owner’s Title Insurance Lender’s Title Insurance 1,460.00 1109 Closing Protection Letter 125.00 1110 Title Endorsement Fee 150.00 1111 Wire Transfer Fee 20.00 1112 Courier Fee 40.00 1113 Tax Cert Fee 10.00 1114 Other services 1302 Pest Inspection Fee 50.00 1303 1304 Real Estate Admin Fee 1305 1306 1307 1308 1309 Government recording charges and transfer taxes Recording Fees 200.00 1206 1207 1208 Transfer Taxes 2,120.00 Initial deposit for your escrow account 2 mos. Homeowner’s Insurance 130.00 mos. Mortgage Insurance 12 mos. Property Taxes 4,284.00 12 mos. City Property Tax mos. Flood Insurance Reserves 1007 mos. 1008 mos. 1009 mos. Aggregate adjustment Items required to be paid in advance Daily Interest Charges 320.79 12 mos. Homeowner’s Insurance 780.00 904 Flood Insurance 907 908 909 Total $ 13,854.69 CREDITS AND DEPOSITS Seller Paid Costs ( 11,720.00 ) Paid by Lender, Broker or Other ( ) Other Credits ( ) ( ) ( ) ( ) PMI, MIP, FF, USDA Fee Financed ( 3,580.00 ) Fees Paid Outside of Closing ( ) Total Credits and Deposits $ ( 15,300.00 ) OTHER CONSIDERATIONS 818 819 1310 Home Warranty Inspection Fee 1311 Real Estate Admin Fee 250.00 Total $ 250.00

Oh ok. Thanks!

So I created a thread the other day to get some info and help. Well today I am asking if any loan officers could look at this paperwork and tell me if it all looks ok. Are there things added twice or calculated wrong that shouldn't be? Do you see anything that stands out as wrong/incorrect? If an item is BLANK and/or has no numbers next to it, then that means we are not being charged a fee for that service/item. Also, he (our LO) said he added what fees we would have had to pay out of pocket, to this sheet (not that we asked that it be done but....). And NONE of this is set in stone. Just an estimate/idea of what we're looking at. Oh and, that CASH TO CLOSE in our 3.5% down going FHA. Thanks in advance. LOAN AMOUNT DETAIL Base Loan Amount $ 204,580.00 Financed Mortgage Ins. / FHA MIP / VA Funding Fee / USDA Guarantee Fee $ 3,580.00 Total Loan Amount $208,160.00 CASH TO CLOSE DETAIL Purchase Price / Refinance Amount $ 212,000.00 Alterations, improvements, repairs $ Land (if acquired separately) $ Less Base Loan Amount $ ( 204,580.00 ) Less Subordinate Financing $ ( ) Balance of Down Payment / Refinance Amount Due at Closing $7,420.00 Origination Charge Plus Other Lender Fees (See attached addendum when applicable) $ 1,216.00 All Other Settlement Services (See attached addendum when applicable) $ 14,104.69 Credits and Deposits (See attached addendum when applicable) $ (15,300.00) Total Cash Needed To Close $7,440.69 TRANSACTION OVERVIEW ITEMIZATION Origination Charges Loan Origination Fees Application Fees Processing Fees 500.00 Underwriting Fees 550.00 Broker Fees Doc Prep Fee- Docs Direct 115.00 Automated Underwriting Fees 15.00 Verification Fee Y Fraud Detection Services 36.00 Origination (Discount Points) Origination Credit - Total $ 1,216.00 All Other Settlement Services Appraisal Fee 380.00 Credit Report 75.00 Tax Service Flood Certification 9.75 Mortgage Insurance Premium 3,580.15 VA Funding Fee 808 Appraisal Admin Fee 120.00 809 810 811 812 813 814 815 816 817 Title services, lender’s and owners title insurance Settlement or Closing Fee Owner’s Title Insurance Lender’s Title Insurance 1,460.00 1109 Closing Protection Letter 125.00 1110 Title Endorsement Fee 150.00 1111 Wire Transfer Fee 20.00 1112 Courier Fee 40.00 1113 Tax Cert Fee 10.00 1114 Other services 1302 Pest Inspection Fee 50.00 1303 1304 Real Estate Admin Fee 1305 1306 1307 1308 1309 Government recording charges and transfer taxes Recording Fees 200.00 1206 1207 1208 Transfer Taxes 2,120.00 Initial deposit for your escrow account 2 mos. Homeowner’s Insurance 130.00 mos. Mortgage Insurance 12 mos. Property Taxes 4,284.00 12 mos. City Property Tax mos. Flood Insurance Reserves 1007 mos. 1008 mos. 1009 mos. Aggregate adjustment Items required to be paid in advance Daily Interest Charges 320.79 12 mos. Homeowner’s Insurance 780.00 904 Flood Insurance 907 908 909 Total $ 13,854.69 CREDITS AND DEPOSITS Seller Paid Costs ( 11,720.00 ) Paid by Lender, Broker or Other ( ) Other Credits ( ) ( ) ( ) ( ) PMI, MIP, FF, USDA Fee Financed ( 3,580.00 ) Fees Paid Outside of Closing ( ) Total Credits and Deposits $ ( 15,300.00 ) OTHER CONSIDERATIONS 818 819 1310 Home Warranty Inspection Fee 1311 Real Estate Admin Fee 250.00 Total $ 250.00

fhagovernmentloans.org click on "Today's Rates" tab. The pic I posted above, which is a snapshot of what the site showed, I first uploaded onto postimg.org. A free image hosting site. Both sites are fine/safe.

Yup. Thanks. Hey, out of curiosity I checked the fhagovernmentloan.org site and it shows this as the current rates/APR (big jump between the two also) Here is a snapshot of what it showed. I had to upload it to a free image host site and link to it that way....otherwise go to fhagavernmentloans.org and click on the "Today's Rates" tab to see for yourself:

Thanks again. We will definitely be bringing it up when we speak to him.

Ok so, like I said, this is just an idea of what kind of costs we'd be looking at if we go ahead with this house. And, we never actually said we would not or could not pay towards the closing costs. I guess he just sort of figured the numbers as if we weren't? I don't know. Of course we will find out more later. As for not buying a house with so little down, well, not everyone has a lot of saved money and can put more that 3.5 or 5% down. In fact, I do not now ONE person personally who was ever able to put down more than 5%. As for the PMI, again, I know of no one who owns a home that doesn't have it. I'm kind of getting mixed info here versus what I've been reading on the internet. Seems like it's not unusual for the percentage rate and APR to be so far apart.Yes, typically it is not so far apart. But it's not unheard of. Anyway, we plan on paying for all these little things listed on the cost sheet. Things like the home inspection, pest inspection, flood cert, appraisal fee, processing fees, etc. So, is it safe to assume that, since we WILL be paying those things, and I assume they will NOT be rolled into those "extra fees", that the percentage and APR rate may move closer together? Am I figuring that correctly? I really appreciate your help. As for the flood insurance, we do not need it. If you look at the info above, it's blank next to flood insurance.

Thanks again everyone for your input. Guess I'll get my final answers later today when we speak with the mortgage guy. But it's always nice having outside input too. You all may come up with questions and things we haven't even thought about so, thanks again for taking the time to answer me and explain thing. As I said above, this is all new to us and will be our first house if we go through with it.