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Old 11-01-2013, 12:47 PM
 
5 posts, read 5,548 times
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Haha! It was a short sale that's finally (after submitting offer in May) coming to fruition. The 7500 is through MSHDA - allows for that amount to go toward down payment assistance/closing costs/inspection. Seems like a slam dunk to me. Buyer paid $122k in 2006.

Despite the downturn, I feel I'm getting a good deal.
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Old 11-01-2013, 02:34 PM
 
Location: Southern California
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If you are going to live there, it look like a good score. I think your mortgage is going to be less than a car payment.
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Old 11-01-2013, 03:08 PM
 
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Good faith estimate says around $500/mo with taxes and insurance.
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Old 11-01-2013, 04:31 PM
 
Location: northern va
1,555 posts, read 2,008,408 times
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Quote:
Originally Posted by thelopez2 View Post
Look into Detroit for $1
back taxes like whoa
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Old 11-01-2013, 04:43 PM
 
16,755 posts, read 19,013,104 times
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Quote:
Originally Posted by SmartMoney View Post
Sounds like an FHA loan, it's the mortgage insurance that is being considered in the APR

Totally normal.

What is the difference between an interest rate and an APR? - Consumer Financial Protection Bureau
Does that mean the APR would be lower if 20% was put down.... The lowest mortgage i got was 36k at 4.75% for 30 years....
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Old 11-01-2013, 04:52 PM
 
Location: Southern California
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Quote:
Originally Posted by evilnewbie View Post
Does that mean the APR would be lower if 20% was put down.... The lowest mortgage i got was 36k at 4.75% for 30 years....
The APR would be lower if the other fee are lowered . It is unclear if this is FHA to begin. It is unclear is there is an up front mortgage insurance included in the APR. It is possible that even if you put 20% down your APR could be this high. This could be a special programs with no mortgage insurance , not enough information was given.

What was the APR on your 4.75% 36K Loan?
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Old 11-01-2013, 07:14 PM
 
3,328 posts, read 7,302,306 times
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Originally Posted by evilnewbie View Post
Does that mean the APR would be lower if 20% was put down.... The lowest mortgage i got was 36k at 4.75% for 30 years....
What kind of house was that, a Ford Explorer?
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Old 11-01-2013, 07:30 PM
 
2,322 posts, read 3,302,928 times
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Originally Posted by Pfhtex View Post
What kind of house was that, a Ford Explorer?
lol
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Old 11-01-2013, 10:28 PM
 
Location: MID ATLANTIC
7,616 posts, read 17,738,182 times
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Quote:
Originally Posted by evilnewbie View Post
Does that mean the APR would be lower if 20% was put down.... The lowest mortgage i got was 36k at 4.75% for 30 years....
Absolutely.......if you had 20% down, FHA would not be recommended.

20% conventional doesn't have mortgage insurance. All FHA loans have mortgage insurance regardless of down payment.
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