Newbies Mortgage Thread

[NewbietoFinance]

I will use this as my running thread for my home buying attempt.

 

 

My BK7 will be 2 years old on 1/22/15. I am attempting to get a pre-approval now. let us see what happens!

[Brian B The Loan Professor]

Is that the discharge date? I would wait - it is another couple of weeks and you wont get an approval through automated until it is 2 years post discharge -

B

[NewbietoFinance]

Yeah, that is the discharge date.

[NewbietoFinance]

Brian, What do you know about HOYO? My soon to be wife is legally disabled, I don't think qualifying for the HOYO will be difficult, but what else should I know? Can any lender provide that?

[Brian B The Loan Professor]

I dont know much more than what it is - never experienced anyone using it -

from what I do know it is separate from the loan - you apply for the assistance and then use those funds to help cover the cost and down payment

they provide a loan which is forgiven over time if you stay there (thats how I understand it)

first time buyers ONLY

 

B

[NewbietoFinance]

Benefit Details

Funding is a 10-year forgiveable loan, which must be repaid at the time of foreclosure, transfer of title, obtaining a home equity loan, and/or when the home is no longer considered the primary residence. There is no interest on the loan, and it depreciates 10% each year. Assistance amount is $15,000.

Benefit: Funding is a 10-year no-interest forgiveable loan.

Loan Term: 10 years

Homebuyer Counseling /Education Required: Yes

Owner Occupancy Required: Yes

Other Program Comments: Homebuyers are required to contribute some of their own funds to the down payment and are responsible for all upfront costs and fees.

 

 

Almost seems to good to be true.

Edited January 9, 2015 by NewbietoFinance

[NewbietoFinance]

NFCU Pre-approved for 250k @ 3.5% !

[NewbietoFinance]

Opinions on this

 

Property Address: To Be Determined, Houston, TX 77066

 

Sales Price:$ 250,000.00

Downpayment: $ 8,750.00

Type of Loan: FHA Fixed Rate

Loan Amount: **** $ 245,471.00

Interest Rate: At Market *** Loan Approved at 3.625% (Was told it dropped to 3.5 today)

Term: 360 months

Loan Origination Fee: 0.000 % of Loan Amount

FHA Upfront MIP: $4221.88

Discount Points: 0.000 % of Loan Amount

 

[NewbietoFinance]

Look good? Meaningless?

[Brian B The Loan Professor]

Looks pretty standard

[NewbietoFinance]

Looks pretty standard

Sorry, my first time through. I talked with someone i work with, and they thought it odd to get the no points, no fee 3.5% with the BK7

[NewbietoFinance]

New build? Inventory Home? Resale home? .... Argh... so many choices!!

[NewbietoFinance]

And... My first offer on a house ever has been submitted...

[Brian B The Loan Professor]

And... My first offer on a house ever has been submitted...

Good Luck -

[belairpatrol]

 

Opinions on this

 

Property Address: To Be Determined, Houston, TX 77066

 

Sales Price:$ 250,000.00

Downpayment: $ 8,750.00

Type of Loan: FHA Fixed Rate

Loan Amount: **** $ 245,471.00

Interest Rate: At Market *** Loan Approved at 3.625% (Was told it dropped to 3.5 today)

Term: 360 months

Loan Origination Fee: 0.000 % of Loan Amount

FHA Upfront MIP: $4221.88

Discount Points: 0.000 % of Loan Amount

 

 

That's a fantastic mortgage just 2 years out. My 2 year date is Jan 29, 2015 and I am counting down the days like it's New Years

[NewbietoFinance]

 

 

Opinions on this

 

Property Address: To Be Determined, Houston, TX 77066

 

Sales Price:$ 250,000.00

Downpayment: $ 8,750.00

Type of Loan: FHA Fixed Rate

Loan Amount: **** $ 245,471.00

Interest Rate: At Market *** Loan Approved at 3.625% (Was told it dropped to 3.5 today)

Term: 360 months

Loan Origination Fee: 0.000 % of Loan Amount

FHA Upfront MIP: $4221.88

Discount Points: 0.000 % of Loan Amount

 

 

That's a fantastic mortgage just 2 years out. My 2 year date is Jan 29, 2015 and I am counting down the days like it's New Years

 

Jan. 22nd is my official 2 years. NFCU was cool and did it a little soon.

[Eddiecampos75]

NFCU Pre-approved for 250k @ 3.5% !

I live in Houston too and I've been reading lots of info on here, I'm w smart financial cu and they doesn't seen to be member friendly as much as I heard NFCU is, do you mind telling me where is this branch located at and if you don't mind, what were your credit scores when you applied for pre approval, thanks in advance! And congrats on your pre approval!

[NewbietoFinance]

 

NFCU Pre-approved for 250k @ 3.5% !

I live in Houston too and I've been reading lots of info on here, I'm w smart financial cu and they doesn't seen to be member friendly as much as I heard NFCU is, do you mind telling me where is this branch located at and if you don't mind, what were your credit scores when you applied for pre approval, thanks in advance! And congrats on your pre approval!

 

Heya! NFCU is nationwide, however, they are restrictive on membership, (Navy Federal) So if you look in the main credit forum, there is a post there about eligibility.

 

In my experience, Randolph Brooks is most BK friendly CU here in Texas. They do not have any branches in Houston though, you have to join online.

[Scupra]

Congrats Newbie! Hoping for the best outcome!

[NewbietoFinance]

Opinions?

 

Does this look right?

 

Terms

 

Estimate of Closing Costs

Purchase Price $249,000.00

Date of Estimate

01/22/2015

Loan Amount $244,489.00

Loan Type

- 30 Year FHA

Down Payment $8,715.00

Loan Purpose

Purchase

Interest Rate 3.500%

Property Type

Primary Home

Origination fee 0.000%

State

TEXAS

Discount Points 0.000%

County/City

Harris

Estimated Payments (PITI) $2,189.65

First Use of VA Entitlement?

N/A

 

Based upon the terms above, your total estimated closing costs are $13,073.54.

 

Hud 1 Line: The following estimates may vary if there are any changes to the terms reflected above.

 

800 - Lender Fees

Appraisal Fee $500
Credit Report $48
Flood Determination Fee $7.00

Tax Set-Up Fee $5.00
TX Attorney Review Fee $125.00

 

900 - Required By Lender to Be Paid in Advance

Prepaid Interest $632.99

Mtg Insurance Prem $4204.99

Hazard Insur Prem $2241.00

 

1000 - Reserves With Lender

1002 2 mos Hazard Insurance $373.50

1003 0 mos FHA Insurance $0
1005 6 mos County Property Taxes $3822.48

 

1100 - Title/Settlement Charges

Settlement Fee $835.00
Owner's Title Insurance $1694.00

Title Insurance $1664.57
Survey Fee $1000

 

1200 - Government Fees and Charges

Recording – Deed $150

 

1300 - Additional Settlement Charges

Pest Inspect Fee $100

 

Total without Escrow: $8,877.56

Escrow Total: $4,195.98

Total with Escrows: $13,073.54

[NewbietoFinance]

Offer accepted... 11k under list, and seller pays up to 3% of closing.

[NewbietoFinance]

Officially under contract.

[belairpatrol]

"Hazard Insur Prem $2241.00" Is that a Navy Fed policy. I would get a 2nd quote from GEICO for homeowners. They saved me 25% over Farmers last year

[Positivemotion]

Officially under contract.

Congratulations on all your sucess!

[NewbietoFinance]

Rate locked @ 3.5%, Home inspection tomorrow. Then NFCU collects appraisal fee (Does that sound right?) ($500)?