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Approved for 1/2% down mortgage - questions


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I'm asking these questions here because our loan officer is extremely slow in answering them for me. I figure someone here knows the answers.

 

We were approved for a 1/2% down loan program. This is where you carry 2 liens. One with 96.5% of the loan and one with 3% of the loan thru FHA.

 

Can someone tell me - would we be making one payment a month or two separate ones? What is the year term on the 2nd lien usually if the 1st is 30yr? Are there any pre payment penalties for paying off the 2nd lien early?

 

On a $250k loan, what would the approximate closing costs be with 4% interest and property taxes of approximately $4400/yr - minus the 1/2% down?

 

I'm in Texas if it matters.

 

Isn't my loan officer supposed to furnish me a good faith estimate with these numbers? We were approved last week and I received the pre-approval letter, I've yet to receive the GFE.

 

What would be the approx. monthly mortgage payment on that amount of a loan?

 

Thank you in advance!

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I'm asking these questions here because our loan officer is extremely slow in answering them for me. This is never a good sign - this is just the beginning if they wont respond now whats it going to be like in crunch time? I figure someone here knows the answers.

 

We were approved for a 1/2% down loan program. This is where you carry 2 liens. One with 96.5% of the loan and one with 3% of the loan thru FHA.

 

Can someone tell me - would we be making one payment a month or two separate ones? What is the year term on the 2nd lien usually if the 1st is 30yr? Are there any pre payment penalties for paying off the 2nd lien early? Look at the terms every dpa program sets its own terms - many dont require payoff until you sale or refi -

 

On a $250k loan, what would the approximate closing costs be with 4% interest and property taxes of approximately $4400/yr - minus the 1/2% down? I would guesstimate 2.5-3% for closing costs

 

I'm in Texas if it matters. It does add 1% since taxes are so darn high and the impounds will eat up a big chunk )so plan on up to 4%)

 

Isn't my loan officer supposed to furnish me a good faith estimate with these numbers? We were approved last week and I received the pre-approval letter, I've yet to receive the GFE. They are not required to until you are in contract - however they should communicate these items with you - Not a hard quote but at least a ball park figure

 

What would be the approx. monthly mortgage payment on that amount of a loan? Given the higher taxes probably $1800- $2000 a month

You didnt say what insurance wa - it can vary greatly in Texas - the closer you are to the gulf coast the higher it is

 

Hope this helps -

remember this is a customer service industry - in other words we work for you - if they arent working to your level of expectation find someone that will -

 

Good Luck with your purchaese

 

Thank you in advance!

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Thank you for that.

 

I would hate to go to another lender - we have borderline credit scores because of high utility. But he was able to get it to work and get it approved through the UW. I also didn't want another pull on our reports. He is terrible about his response time but I might be his worst nightmare - as I like to have a ton of information and I do not like waiting! Good thing is we have a fabulous Realtor who bugs him as much as I have been.

 

Do you know - on those 2 lien mortgages, whether it's one payment monthly or two?

 

About the insurance - we are in the DFW area so no where near the coast but our loan officer said we could go through AAA since we have auto and renters through them now. Where along the timeline do I need to call them and get rates?

 

 


 

Edited by dockfam
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We are building a home in TX. $214,850. My taxes will be like $6800 a year. RIDICULOUS!!!!!!!!

 

I plan on disputing the value to around $150,000 and also doing homestead. That should save me at least $2000 a year.

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About the insurance - we are in the DFW area so no where near the coast but our loan officer said we could go through AAA since we have auto and renters through them now. Where along the timeline do I need to call them and get rates?

 

 

 

 

 

try farmers insurance. they have pretty good rates in texas.

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