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Worked with Ed's link! Thank you for sharing Ed!!

SURVEY30 worked.

Thanks guys. I just sent everything to a local broker that wanted our business. I would LOVE nothing more than to walk from this lender. Keep your fingers crossed. I have studied with you over the last year and was prepared for just about everything, I thought. Your shared wisdom is very much appreciated.

We locked in last week, Wednesday I believe. So if I read your posts correctly, FHA has already approved purchase of the property so I can walk to another lender. The lender is located in SE Michigan but I have another local lender that really wants our business. We are in Michigan so I believe us to be worth a pot of gold to any lender. Thoughts? I am so angry to be lied to that I would love to walk away from her.

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We are putting 10% down. Hubby's middle score 604; mine is around 650. DTI is no problem according to mortgage officer. Sellers are paying closing costs of $15,505 (in italics). We are responsible for the remainder which totals $9753.30. Purchase price $365,000 Loan Amount $334,248 Interest rate 6.5% 30 yr. FHA P/I $2112.68 Tx 304.88 Ins 69.58 PMI 136.18 Total $2623.32 800. ITEMS PAYABLE IN CONNECTION WITH LOAN 801. Loan Origination Fee 0.9828 % to Mortgage * 3,285.00 802. Loan Discount 1.0000 % to Mortgage * 3,342.48 803. Appraisal fee * 400.00 804. Credit report *seller pd $25 24.91 25.00 805. Processing fee * 895.00 806. MERS Registration fee * 4.95 807. Flood certification fee * 12.50 808. 809. 810. 811. 900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901. Interest From 11/13/08 to 12/01/08 @ $ 59.523620/day ( 18 days %) * 1,071.43 902. Mortgage Insurance Premium for months to Dept of HUD * 0.75 903. Hazard Insurance Premium for 1.0 years to Amica * 835.00 904. 905. Mortgage insurance financed to Dept of HUD 5,748.00 1000. RESERVES DEPOSITED WITH LENDER 1001. Hazard Insurance 3.000 months @ $ 69.58 per month 208.74 1002. Mortgage Insurance 1.000 months @ $ 136.18 per month 136.18 1003. City/town taxes 7.000 months @ $ 105.51 per month 738.57 1004. County taxes 2.000 months @ $ 199.37 per month 398.74 1005. Assessments months @ $ per month 1006. months @ $ per month 1007. months @ $ per month 1008. Aggregate Adjustment months @ $ per month -597.15 1100. TITLE CHARGES 1101. Settlement or closing fee to Title Company * 350.00 1102. Abstract or title search to 1103. Title examination to 1104. Title insurance binder to 1105. Document preparation 40.00 1106. Notary fees to 1107. Attorney's fees to (includes above item numbers: ) 1108. Title Insurance to Title Company 1,376.00 $1,376.00 to Title Company (includes above item numbers: ) 1109. Lender's Coverage $ 334,248.00 1110. Owner's Coverage $ 365,000.00 1111. Document preparation fee 1112. Recording Handling Fee *seller pd $22.39 7.61 22.39 1113. Title insurance - * 706.25 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES 1201. Recording Fees: Deed $ 17.00 ; Mortgage $ 38.00; Releases $ 55.00 1202. City/County Tax/Stamps: Deed 401.50 Mortgage 401.50 ;; 1203. State Tax/Stamps: Revenue Stamps 2,737.50 Mortgage 2,737.50 1204. Tax certificate to County Treasurer 1.00 1205. 1300. ADDITIONAL SETTLEMENT CHARGES 1301. Survey 160.00 1302. Pest Inspection to 1303. 2008 winter taxes to Township 2,870.95 1304. 1305. 1400.

We received our final settlement documents today and included was a point discount which had not been discussed or agreed to in the past. The following is the mortgage officer's response. We had originally decided to go with the FHA program to avoid the additional program costs thorugh Conventional. However with all of the updated changes across the board, FHA now costs based on certain credit criteria with the newest guidelines. It is still cheaper than Conventional, however we have to take the lowest of the two borrowers credit score and in increments we have costs to do the loan. (Husband's name here)'s mid score was the lowest, being 604, the octs between 600-620 is 1%. We were able to and have used the seller paid costs to cover the full amount. Although she says the sellers are paying the additional cost, we have been asked to bring an additional $4752.51 to closing. I am still trying to find out where the difference is but wanted to check out the validity of her statement.

As someone who has just sold a home and who is in the process of purchasing a home, we believe if both parties want the deal to go through and are fair with one another then it is a good deal. The question should actually come back to you: do you want to sell the house and if so, can you sleep at night with the offer the buyer has presented? I know you are asking for advice here but, in my opinion, you are the only one that can really answer the question. BTW, in our area, houses sell for about 10-12% below asking price so you might ask your realtor what percentage below asking price houses in your area are selling for. Congratulations on an offer and good luck!

I have to agree. We are have a scheduled closing and all financing is in final processing this week. We are going FHA.

Hubby and I are in the process of buying a home. Historically interest rates drop until a presidential election then rise until the inauguration. We needed a house and everything pointed to a good time to buy. With a successful Wall Street buyout we hope the odds will get even better. We are going FHA and I can tell you that lenders love you if you have 10% to put down.

We are shopping too and on Thursday/Friday three different lenders offered us FHA at 5.5 and 6.0 (2). I know it doesn't matter but your scores are better than ours and we plan to put 10% down. Even Countrywide gave us a 6% so I would shop around. I will tell you that one of our brokers told us that the Lehman Brothers anticipated sale on Monday will likely effect interest rates, his prediction is that stocks will rise as well as mortgage interest rates..... Good luck!

I have three pre-approval letters for an FHA loan; one from Countrywide (our former lender), one from a local mortgage company and one from a local broker. All have a little different to offer and I still have some questions as our purchase offer is being presented this morning. The purchase offer states we have been approved for a certain dollar amount with FHA. As I am going over two GFEs (I am still waiting for the broker to provide a couple) to compare and contrast down to fine details, I want to make sure I can change lenders anytime before closing. I understand I must lock in and give them time to process but since we are planning a 90 day close I should have some time to decide to whom I give my business, correct? Also, the broker is pretty agressive and keeps pushing to lock in to get the low rates that we had this week and although he has given me monthly payment amounts based upon current interest rates, he has yet to provide a GFE so it appears to me as though he is talking a good talk but not showing me the goods. Lastly, the local mortgage company has included about a 1% fee that is listed in a line item as MIP/VA funding fee financed. LO states this is required PMI upfront but the Countrywide GFE does not include this fee. The LO and the broker have talked to me about this year's prepay but LO explained, I think, the best by saying that it must be paid but can be built into the mortgage. I must say that it has been quite a while since we have gone through the mortgage approval process and as college educated people, even we have some difficulty understanding the fine details of the mortgage funding business. I now have some idea as to how easy it was for our country got into a terrible mortgage crisis. Thanks in advance. As always this board has helped me out tremendously.

I read alot and as I understand the mortgage approval process, the pre-approval is the better stance when making an offer on a property. However, I am working with four mortgage entities (two brokers and two mortgage companies) and one of each has given us a pre-qualify with verbal info from us and checking our scores, etc. and are giving us letters as proof. The other two, again one of each, has verbally asked for information then followed up by asking for the normal documents to verify income, assets, etc. in order to provide us with a pre-approval letter. The two entities that are offering pre-qual say that once we settle on a property, then we can supply them with the documentation they will need to go forward with the mortgage. Isn't that a bit backwards? Any thoughts? We want to make an offer on a house this weekend but want to be completely prepared for the mortgage. TIA.

We are mortgage shopping right now and can potentially do one of two things; finance now or wait until January to close. I am interviewing a broker and several mortgage companies. A mortgage company rep told me today that given we are in an election year that rates would likely fall until Nov. then rise until January 2009. She was suggesting locking in before or during October or waiting until January. Comments?

and your prediction is........... We are mortgage shopping right now and can potentially do one of two things; finance now or wait until January to close. I am interviewing a broker and several mortgage companies. A mortgage company rep told me today that given we are in an election year that rates would likely fall until Nov. then rise until January 2009. She was suggesting locking in before or during October or waiting until January. Comments?