My husband and I are scheduled to close on our first home on March 28th, so five days away. It is a 1,941 square foot home in Fort Worth, Texas. We were approved for a 15-year FHA loan at a 5.5% fixed interest rate. The builder had the house listed at 3,990 and said they were discounting it to 7,990 because they are trying to meet their quotas and their year end is March 31st. Our realtor and his wife are both in the real estate business. He is a realtor and she is a broker, so they are getting a huge commission off this deal with the builder. The realtor is going to pay off apartment lease (0 per month and we have 3 months left), and pay two mortgage payments for us at ,511 and some change. We both have honestly low credit scores (mine 534 and my husbands 575), but we got 100% financing. They are rolling our closing costs, appraisal fees, etc. into the loan.
Does this sound like a excellent deal? Is there anything that sounds fishy?
You are getting a very excellent deal on the interest rate with the credit scores you have.
All FHA and VA loans include Taxes and Insurance payment so you need not worry about that.
With them paying off your apartment lease and the reduction in the asking price that is money in the bank for you or money you will or did not have to pay.
The only thing that you are being charged for really is the two months of mortgage that could have been rolled into your loan.
In order to find out you would have to look at and know your HUD-1 closing document that was given to you by the escrow closing agent. If you do not know it call your mortgage broker or go to the closing agent for an explanation.
Nothing sounds fishy, apparently you were treated really excellent.
I hope this has been of some use to you, excellent luck.
"FIGHT ON"