Property Price 570000, Loan Amount 541500. At 5 % Downpayment FHA based, 30 year fixed at 4.25 APR, our lender is willing to offer us lender credit of 8000 towards the closing costs. The closing costs are approx. 18000. How does this deal sound? Any thoughts, suggestions?

On the surface, everything looks pretty much in line...except the closing costs. Have you seen a Master Settlement Sheet from your Escrow company? Most closing costs on a purchase seriously come from others than your lender, but I am not sure these number add up correctly. Is the 8K coming off the 18K? If not, you need another opinion.Why 5% down payment? FHA high balance only requires 3.5%; though there are certainly restrictions on credit scores, debt to income and reserves on the high balance loans. Seriously, I am just not sure the numbers end up at 1 +1 =2, instead of 1 +1 = 3 or 4.

I can get you a fha loan with a 3.% % downpayment and a 30 yr fixed at 3.75 as of toays rate 9/2/2011 Give me a call at 540 293 9296 . hope to hear from youGordon DempseyMortgage Loan SpecialistSet2go loans