09-29-2010 09:36 AM
That seems high but its hard to know without understanding/seeing the breakdown.
I always recommend to my clients to speak to at least 2-3 lenders when getting pre-approved so they know they are getting the best interest rate and best total loan package available to them. You'd be surprised how different lender pre-approvals can be and how varied the interest rates, pre-approval amount, and closing costs will be with each lender as well.
Also, if something should happen during Escrow and your lender cannot perform on the loan, then you should have at least one back up plan to fall back on if need be. I can't tell you how many times my clients needed a back up lender during Escrow because their lender was not able to get them the loan.
I always recommend lenders to my clients that I feel confident in and who my clients have had excellent experience with.
Hope that helps!
07-09-2011 12:38 PM
A friend of ours recently, went throgh FHA, an it was 0- zero down. Here in Wisconsin.. What about Arizona, if it's a Goverment Program, FHA it should be 0- zero down. Otherwise, how would people on a fixed income be able to come up with thousands of dollars, for a down payment ??