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Real Estate Home Mortgages/FHA Loan
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Question
Hi Doug,
I am a first time buyer shopping for a FHA Loan. Do you charge a service fee if I need some guidance on how to get a good loan?
Amy,
I do have a company that I am just getting going that will provide review services for good faith estimates and settlement statements. But it's not really up a going yet because I have been so busy doing loans and since my time is volunteered for this site, I don't charge a fee. I just like to help as many people as possible....
FHA loans require a 3.5% down payment and the sellers can pay all the closing costs and prepaid expenses like the pro-rated interest, taxes and homeowner's insurance.
So on a home of %150,000, your down payment would be $5,250. The other fees usually end up to be about 2.5% of the loan amount. Maybe $2,800 for closing costs and another $800 to $1,000 for prepaid expenses.
The current interest rate for a 30 year fixed FHA loan is about 5.5%, but that can change every day.
When you do get a written estimate I would be happy to review it for you for free. You can email it to me at feewatchdog@q.com
Doug
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Answers by Expert:
Doug Walker
Expertise
Fair and honest lending is my passion. I've been in full time in the mortgage business for 20 years as a loan officer, manager, owner, underwriter - and can probably handle most any question. I can help you save money on your next mortgage loan by explaining closing costs and identifying fair fees and "junk fees".
Experience
I have owned my own company as a broker and a banker, managed large production teams and have been a top producer in personal loan production. My experience includes all types of real estate lending: Conventional, FHA, VA, contruction and development loans. I currently work for one of the largest mortgage lenders in the nation and specialize in jumbo loans for private banking clients.
Education/Credentials
I have obtained mortgage and real estate licenses and have taken numerous continuing education courses. My certifications include underwriting authority for loans up to $1,000,000 and instructor for first time home buyer education courses.
Awards and Honors
President's Circle, Market Builder of the Year
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