answersLogoWhite

0


Best Answer
Copy

These are regular Fannie mae/Freddie Mac guidelines..... I am not talking about any usual programs. Ok, you offer $82,000 with 3% seller's concession--this means the seller is getting $82,000 for the house minus 3% ($2460.00). The seller will also have to payoff any liens on the property so you as the buyer will have a clean and clear title. You as the buyer will pay $82,000 for the home, and have a credit of $2460.00 towards closing costs. Closing costs are any and all costs needed to clear the deal. $2460.00 doesn't mean that-- 1. you don't have to have a down payment, (it depending on the program you applied for), 2. you don't have to have any of your own money at close because all programs require the buyers to have a certain amount of their own money-- and that you can prove you have had that money for the last 2 months. (You can't apply and figure you will have the money from your paychecks by the time you close. It will not work otherwise you would have already saved that money--not to mention that the underwriter for the lender will not approve your loan until everything is there; and 3. you can't figure that the $2460.00 is enough to pay all closing costs because more times than not --that $2460.00 will not be enough. Especially, when a full year of fire insurance has to be paid and escrows for taxes are needed along with an appraisal, attorney costs, the new lender's costs, inspections etc.... The mortgage amount--well, how much are you putting down? 3% your money=$79,500(rounded down to the nearest hundred)is the mortgage amount --5% ($4920.00) = $77,000 is the mortgage amt. Not putting any money down, then you are financing 100%--$82,000.

2006-08-09 03:36:41
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Your Answer

Loading...

Related Questions

What is currently the lowest mortgage rate offered?

Currently the lowest interest rate offered on a 30-year fixed rate mortgage is 3.75 percent. Interest rates are historically low at the moment due to the economic downturn.


What is the current interest rate being offered by Chase Mortgage for a home loan?

Interest rates have now been placed at 2.63 percent


What percent of us homes have no mortgage?

According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.


What are the current rates offered by abbey mortgage?

Abbey Mortgage rates are between 5 and 6 percent for the current year, 2011. They claim to have reduced rates, however, may naysayers are stating their rates have actually increased.


What services are offered by Dietech Loans?

Dietech are the leading providers of mortgage loans. It is a pioneer in offering 125 percent loans, in which the borrower could get more than the property was worth.


What does the term jumbo mortgage rate refer to?

A jumbo mortgage is an amount borrowed that is over the conventional limits. A jumbo mortgage rate is the percent interest to be paid on this inflated mortgage.


What are the lowest refinance mortgage rates?

The lowest mortgage refinance rates are currently around 2 percent.


What is the purpose of a house mortgage rate?

A mortgage rate refers to the percent of interest one will have to pay on a home loan. A lot factors into how high or low this rate is, including applicant's credit history, when the loan is applied for, which institution issues the loan and so on.


What is the good interest rate on an mortgage loan is what percent?

The answer depends on whether you are the lender or the borrower and also in the country that you get the mortgage in.


What are the monthly payments on a 30 year fixed rate mortgage at 5 percent?

This would depend on the principal balance of the mortgage.


What is considered a good interest rate on a mortgage?

A good interest rate on a mortgage in 2014 is 4.2 percent. This varies greatly depending on the type of mortgage and the credit score of the applicant.


If You want to purchase a home for 125000 the mortgage requires that you put 20 percent down payment what is the amount of your mortgage loan?

2500


What percentage deposit is required to avoid mortgage insurance?

ten percent


What percent of mortgage market is fannie Mae and Freddie mac?

95


How can you calculate your mortgage at 7 percent for 30 years?

Many mortgage brokers have something called a mortgage calculator. Call your mortgage company they should be able to help you. When you find out what your mortgage is at 7% for 30 years you might consider, if qualified, to refinance into a lower interest rate.


Is mortgage protection insurance necessary to have?

Yes and no, mortgage protection insurance is necessary to have. According to the Private Mortgage Insurance Law lenders who put less than a 20 percent down payment on there loans are required to pay private mortgage insurance or mortgage protection insurance.


How much has mortgage financing rates dropped or risen in the last year?

Mortgage rates have dropped over the last year by a couple percent. However, it is harder to obtain a mortage due to the current recession. The average rate on a 30-year fixed rate mortgage was 5.05 percent. Rates had dropped to a record low of 4.71 percent in December


What are typical rates for mortgage refinancing?

To prepare your finances in order to start refinancing, its important to make sure that the current mortgage contract will not have any penalties or charges for cancelling that loan. Current refinancing rates are 4.33 percent for a 30 year mortgage and 3.56 percent for a 15 year.


The price of a home is 220000 The bank requires a 20 percent down payment The balance is financed with a 30 year fixed rate mortgage at 75 percent what is the monthly mortgage payment to the neare?

an arm and a leg...


How low is classified as the lowest interest mortgage rate?

The lowest interest mortgage rates are reported to be at around 2.6 to 2.8 percent. Some can even go as low as 2.5 percent, but these sources are less reliable.


What is the Mortgage constant for a 7.12 percent loan 30 year term?

8.08%


Whats the current apr for 30 year mortgage?

The current apr rate for a fixed 30 year mortgage is 4.691 percent. Some lenders such as quicken loans are offering a slightly lower 4.5 percent rate.


What is the fixed rate percentage for a RBS mortgage?

RBS mortgage has a two year fixed rate percentage of 3.09% until November of 2013, which jumps up to four percent for the remainder of the mortgage period.


What are inexpensive mortgage loans rates?

Today's mortgage rates are very low. A 30 year mortgage can be gotten for 3.3% interest. A 15 year mortgage is 2.75% AP. Just a few years ago, mortgage rates were 5 to 7 percent, so these rates are a true bargain.


What are some top current account mortgage rates?

The following are some top current account mortgage rates; Woolwich has a fixed rate of 2.09 percent, Natwest offers fixed rate of 1.74 percent, and RBS offers 1.74 percent fixed rate annually.