FHA Loan Fee's Worksheet - Preferred Lender (loan officer, credit score, fees)

[Jmob]

I recently signed a contract for a new construction home and received a fees worksheet from the lender about a week ago. When using the preferred lender the seller puts in 6k towards closing cost which I assigned 4k for closing and 2k towards upgrade. My credit score is 739. FHA 30 yr fixed.

Are all these fees normal and needed? Does this sound like a good offer?

I would like to know someones opinion on this.

Any comments and suggestions are greatly appreciated.

Thank you!

[SmartMoney]

Okay, the fees look fine, but the rate/Origination Fee seem high, but it doesn't matter, you aren't locking this far out. Your loan officer is preparing you for realistic possibilities. I would be more concerned if it was prepared at 3.75% with no origination fee.

[Jmob]

Thanks for the quick reply. Very Helpful!

[SmartMoney]

When is your projected closing date? That date can and will change. But when they are framing, you should be within 60 days to lock. When you lock with your builder's lender, that is the time to shop rate, origination fee and discount points. If you find your builder out of line, get other quotes and take the quotes back to your lender and ask for a match in rate/points. It won't do any harm and if they refuse, bring the discrepancy to your builder's attention (in writing, to main office). Oversight is painful right now and timing is everything. Two years ago you would be told to take a hike. I don't think so now.

[Jmob]

The projected closing date was June 30, but I requested to have it changed to July 30 since my current lease finishes in late August. The lender did say it was to early to lock and he would monitor the rates. If he notice they started to go up we could arrange some thing to lock earlier.