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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.
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.
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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