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My step-son finally found a house he wants to buy. He has a meeting with a loan officer tommorrow late afternoon. What interest rate can he expect. His info:
House for sale:$90100
His yearly income: $60630
Credit Score:mid 700s
Debt: 250 per month on a camper. He has 11 payments
Down Payment:30%
Another question. He is selling his current property via warranty deed to a farmer. What paperwork would he need to bring to the bank? We looked up the standard application and they ask if the current house that borrower old is sold/pending sale.
No one has replied because the rates have been all over the place. If I had to give you a range today, it would be 3.75% to 4% on a 30 year fixed. Keep in mind, the markets haven't opened and right now, the treasuries are indicating higher rates for the day.....but their direction changed at least a dozen times yesterday.
He needs to draw up a basic contract on the sale of his property spelling out the terms. An attorney or title company will have to handle the closing on both the sale and purchase. His bank will want a copy of the HUD I that is prepared when someone sells or buys a property. He will have a HUD I for his sale and another HUD I for his purchase.
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