boomhower
Diamond Member
- Sep 13, 2007
- 7,228
- 19
- 81
The closing costs might not be that far off but a little low. At 3.5% on a 15 year he should be getting paid a point by the bank. I lock last week on a 15 year FHA at 3.5% with the bank paying a point, only way to do it. No point wasn't an option. I haven't seen anyone offering any lower. Going rate on 30 year FHA is 3.875%.
OP don't forget about PMI. With FHA you have to pay it for 5 years regardless of equity on top of the up front fee. The up front fee can be financed into the loan.
OP don't forget about PMI. With FHA you have to pay it for 5 years regardless of equity on top of the up front fee. The up front fee can be financed into the loan.
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