kaylamjae

Thank you everyone for your opinions. I'm not sure I will go with this bank, but they did send me another fees worksheet Does this look any better? Loan 246, 678 Interest rate 4.5 Loan origination fees-2412.00 appraisal fee-400 processing fee-350 closing escrow fee- 495 title insurance-450 estimated closing costs- 6154 Thanks

That's exactly what my husband did. I thank you for all of your help. Have a great night.

It was a bank. My husband did take a part time job for three months while he was unemployed. Could this be the reason for the difficult approval? It was not in the same line of work.

Yes, he lost his job and it took him 6 months to find his current job, but it is in the exact same field. He was on unemployment during this time. Does that make any difference? We applied back at the end of April. Their reason for it taking this long was the lack of employment.

Yes, but he was unemployed for six months in between his jobs. He worked at his previous job for 2.5 years which is in same line of work as his current job. It will probably be much easier if we wait until the 2 years of employment. When do you think we can start applying again? Does it have to be exactly two years?

That makes sense. We needed to get preapproved before we found a house because of my husbands lack of 2 years on a job. My husband will be at his job two years this November. It took us a long time to get approved with this lender. I'm willing to walk away though and wait until November to try again.

Brian, Thank you for your opinion. I have not found a house yet. I wanted to be preapproved before I found a house, so I guess I will go and apply with another lender. Can you tell me what exact fees are too high? I appreciate all of your help.

Sorry about posting in both message boards. I am buying in San Joaquin County in California. Do I go apply with other lenders or do I try to get them to bring the rate down?

My mid credit score is 682 My hubby's mid is 702 I thought the interest rate was really high especially for the county that I live in.

Initial Fees Worksheet These numbers were sent to me by my lender. Just wanted to see if my interest rate and fees are too high. FHA 30 year fixed Interest rate 5.25% 3.5% down Loan Origination fee- 1.00% 2412.50 Loan discount appraisal fee- 500.00 processing fee- 750.00 underwriting fee 650.00 wire transfer fee 50.00 closing/escrow fee- 1500.00 notary fees 225.00 title insurance 1500.00 recording fee 150.00 interest for 15 days- 532.22 mtg ins. premium 5428.00 hazard ins. premium 844.32 purchase price - 250,000 estimated closing costs 9334.50 total needed to close 21,240 payment - 1803.52

We are getting ready to apply for a house in March. In March, my husband will have 13 months on the job. He was out of work for six months before this. Before this six months of unemployment he was at his previous job for 2.5 years. He is currently in the same line of work. Will this automatically disqualify us. I have been on my job for four years.

We live in San Joaquin County. The houses start at 239,000 for a new construction. We are looking at buying one around 269,000. The seller is offering 6% seller concessions which equals to about 15,000. Do you know if we could use the whole 6% for closing costs? Thanks Brian

My husband and I make a combined income of 6900 a month. Car payment-200 student loan in deferment-144 Husbands credit scores 675-670 My credit scores- 656-660 Paid charge offs from 2004/2005 No lates since this time. We are looking into buying new construction in Northern California. Taxes will probably run about 4200. I have been on my job 5 years. Hubby has been at his job one year, but in same field for five years. By the time we apply we will have about $10000 for downpayment. We will continue to save while the house is being built. I have 4000 in a 403B account. How much do you think we can qualify for?