Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
this is for a house in delaware county , PA.. doing a 203k streamline due to our budget.... can you PLEASE go over this and tell me if anything stands out that could be reduced or done away with???
appreciate very much....1st time homebuyer, too....first american mortg in PA.
FHA Fixed 30-Year
$ 131,442 @ 5.250 % for 360 / 360 mths
105,000.00 purchase price
28,212.00 alterations
5,073.63 prepaid item reserve
4,462.75 est closing cost
PMI, MIP, Funding Fee (+) 2,892.38
Discount (Borrower paid) (+) 657.21
131,442.00 -loan amt
CC Paid by Seller (-) 6,300.00
Financed 203k- 650.00
needed to close 7,905.97
725.83 P & I
75.00 haz. insur.
311.67 RE taxes
95.80 Mortg Ins.
1,208.30 - monthly payment
ORIGINATION CHARGES
Commitment Fee First American Mortgage, LLC Borrower $ 650.00
Supplemental Fee Borrower $ 412.50
OTHER CHARGES
Loan Discount Fee Borrower 0.500% $ 657.21
Appraisal Fee First American Mortgage, LLC Borrower $ 375.00
Credit Report Fee First American Mortgage, LLC Borrower $ 50.00
Flood Certification Fee First American Mortgage, LLC Borrower $ 16.50
Up-Front Mortgage Insurance HUD Borrower $ 2,892.38
Appraisal Reinspection Borrower $ 200.00
Notary Fee Borrower $ 50.00
Lender's Title Insurance Borrower $ 883.75
Wire Fee / Courier Fee Borrower $ 50.00
Electronic Document Delivery Fee Borrower $ 50.00
Closing Protection Letter Borrower $ 75.00
Endorsements Borrower $ 150.00
Title Bringdown Borrower $ 100.00
Mortgage Recording Charge Borrower $ 350.00
Transfer Tax Borrower $ 1,050.00
Hazard Insurance Reserves First American Mortgage, LLC Borrower $ 75.00 x 2 mth(s) $ 150.00
County Property Tax Reserves First American Mortgage, LLC Borrower $ 311.67 x 12 mth(s) $ 3,740.04
Daily Interest Charges First American Mortgage, LLC Borrower $ 18.9060 x 15 day(s) $ 283.59
Hazard Insurance Premium Borrower $ 75.00 x 12 mth(s) $ 900.00
Unless that would rent for 2000 per month and/or the schools were exceptionally good; I wouldn't touch it with a barge pole. My total closing costs on the house I am sitting in, were 275.00. I paid cash and bought from WFC.
Looks OK, most lenders charge a slightly higher rate for the 203k streamline than the regular 203k.
huntrevor - like you pointed out, you paid cash, and I suspect you didn't buy in PA where there is a 1% transfer tax per side (higher in some areas), big difference.
Looks ok, all in all nothing pops out. The list is actually pretty detailed. Some of the more "mom & pop" type mortgage brokers don't bother charging for all the "delivery fees" but nobody is going to go broke / get rich on a couple a hundred bucks...
Looks OK, most lenders charge a slightly higher rate for the 203k streamline than the regular 203k.
huntrevor - like you pointed out, you paid cash, and I suspect you didn't buy in PA where there is a 1% transfer tax per side (higher in some areas), big difference.
I meant:
...most lenders charge a slightly higher rate for the 203k streamline than the regular 203b.
Unless that would rent for 2000 per month and/or the schools were exceptionally good; I wouldn't touch it with a barge pole. My total closing costs on the house I am sitting in, were 275.00. I paid cash and bought from WFC.
Aren't you special.
Her PITI monthly payment on a minimum down deal is $1,208/mo. WHY would the place have to have rental potential of $2k/mo. for it to make sense?
Cant thank you all enough for your words and feedback.... Yes if i had cash, i probably wouldnt even be looking at this place... But i dont, and just wanted to know if it was all ok, or if something stood out that i could negotiate or do away with..
CHET, whats considered on this sheet to be DELIVERY FEES???
Her PITI monthly payment on a minimum down deal is $1,208/mo. WHY would the place have to have rental potential of $2k/mo. for it to make sense?
It wouldn't if the schools were exceptionally good, as I stated. But, since that is unlikely, the metric I use is 1.5% of purchase price per month for rent will allow you to a) have professional management b) pay commission on leases c) do necessary repairs d) make a decent ROI, even if the value of the property stays flat for years.
People split up, and get transferred all of the time. You need to cover yourselves for all scenarios. I'm in the Phoenix Market, and while it would have to be different, the numbers and the money are the same. That's why we have Australians, Canadians, and Chinese buying here, because they can get the returns.
It wouldn't if the schools were exceptionally good, as I stated. But, since that is unlikely, the metric I use is 1.5% of purchase price per month for rent will allow you to a) have professional management b) pay commission on leases c) do necessary repairs d) make a decent ROI, even if the value of the property stays flat for years.
People split up, and get transferred all of the time. You need to cover yourselves for all scenarios. I'm in the Phoenix Market, and while it would have to be different, the numbers and the money are the same. That's why we have Australians, Canadians, and Chinese buying here, because they can get the returns.
Certainly not a bad thing to try to be as "safe" as possible, but most people buy a home to live in not for returns.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not bad for a 203K
