Lender one: Mortgage type:30 Year Fixed-FHA-3% down
Origination fee: 1 point=1464.70
Appraisal fee=5
Credit report=
Commitment Fee=0
Flood Cert=
Title Insurance=00
Title Search=0
Recording Fees=
Survey=130
Termite=5
3 months worth of taxes=617
FHA Premium=1.5% of loan=97
* We can use our own appriaser if we like.
Which one is better?
lender Two Mortgage type-30 year fixed FHA 3% down
application fee-0
appraisal-5
credit report-
flood cert-
recording-
survey-0
No Points
title insurance-,000
Title search 0
Termites-Not mandatory
FHA MIP-1.5% of loan 64.70
Taxes-5 months worth=,030
FHA Premium for lender#2 is 97, not 64 (same as lender one)
FHA 203k Loan Information for Lower Income Communities
There are many things you need to know before you apply a mortgage for your dream home. If you want to get the best price and best rates, you better read much information about mortgage to improve your mortgage loan knowledge, so you can choose the best mortgage type for your dream home. Do you know about the FHA 203k Loan? Well this is a hot issue today.
This loan is a program from the Federal Housing Administration or FHA that focus on rehabilitation and repair of single family properties. You may say FHA 203k Loan is a home improvement loan. This is a excellent program where you can repair your home, not only leave it and make a new loan for a new home. If you can rehab your home just like what you want, why you have to buy the new one?
This program has been successfully used in many states. The lenders work with local government and nonprofit organizations to rehab properties. There are three ways you can do to use FHA 203k loan. The FHA 203k loans also very useful for the FHA lenders to lend in a lower income communities. So, you can see the FHA 203k loan also help to improving homeownership prospects. If you want to try, you can start from here.
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