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First-Time Buyer, Rural and Veterans Programs
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Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
| CONSTRUCTION LOAN: | $766,550 |
| CONSTRUCTION TERM: | 30 years |
| PRODUCT: | Fixed Rate |
Loan Terms |
Can this amount increase after closing? |
|
Loan Amount |
$766,550 |
NO |
Interest Rate |
7.250% + 0.75% |
NO |
Monthly Principal & Interest |
$5,110.33 |
YES |
Does the loan have these features? |
||
Prepayment Penalty |
NO
|
|
Balloon Payment |
NO |
Projected Payments |
|||||||||||||
Payment Calculation |
Years 1 |
Years 2 - 30 |
|||||||||||
Payment Calculation |
$5,110.33 |
$5,229.22 |
|||||||||||
Mortgage Insurance |
+ __ |
+ __ |
|||||||||||
Estimate Escrow |
+ 570 |
+ 570 |
|||||||||||
Estimated Total |
$5,680 |
$5,799 |
|||||||||||
Estimated Taxes, Insurance |
|
||||||||||||
Costs at Closing |
||
Estimated Closing Costs |
$17,584 |
Includes $14,282 in Loan Costs + $3,302 in Other Costs – $0 in Lender Credits. See page 2 for details. |
Estimated Cash to Close |
$95,556 |
Includes Closing Costs. See Calculating Cash to Close on page 2 for details. |
Projected Payments |
||
A. Origination Charges |
$10,025 |
|
1 % of Loan Amount (Points) |
$7,665 |
|
Document Review Fee |
$85 |
|
Loan Origination Fee |
$1,000 |
|
Transaction Fee |
$575 |
|
Warehouse Fee |
700 |
|
Other Costs |
||
E. Taxes and Other Government Fees |
$125 |
|
Recording Fees and Other Taxes |
$125 |
|
Transfer Taxes |
||
F. Prepaids |
$1,292 |
|
Homeowner’s Insurance Premium ( 12 months) |
$1,140 |
|
Mortgage Insurance Premium ( months) |
||
Prepaid Interest ($152.26 / day for 1 days @ 7.25%) |
$152 |
|
PropertyTaxes ( months) |
||
B. Services You Cannot Shop For |
$1,394 |
|
Appraisal Fee |
$1,000 |
|
Contract Processing Fee |
$500 |
|
Credit Report |
$50 |
|
Document Preparation Fee |
$500 |
|
|
Flood Certification |
$6 |
|
Tax Service Fee |
$69 |
|
G. Initial Escrow Payment at Closing |
$1,710 |
|
Homeowner’s Insurance $85 per month for 3 mo. |
$255 |
|
Mortgage Insurance per month for 0 mo. |
||
Property Taxes $475 per month for 3 mo. |
$1,425 |
|
H. Other |
$175 |
|
HOA Transfer Fees |
$175 |
|
I. TOTAL OTHER COSTS(E+F+G+H) |
$3,302 |
|
C. Services You Can Shop For |
$2,863 |
|
Survey Fee |
$1,375 |
|
|
Title - Lender's Title Insurance |
$2,041 |
|
Title - Settlement/Escrow Fee |
$350 |
|
Title - Tax Certificate Fee |
$66 |
|
J. TOTAL CLOSING COSTS |
$17,584 |
|
D + I |
$17,584 |
|
Lender Credits |
||
Calculating Cash to Close |
||
Total Closing Costs (J) |
$17,584 |
|
Closing Costs Financed (Paid from your Loan Amount) |
$0.00 |
|
Down Payment/Funds from Borrower |
$85,172 |
|
Deposit |
-$7,200 |
|
Funds for Borrower |
$0 |
|
Seller Credits |
$0.00 |
|
Adjustments and Other Credits |
$0.00 |
|
Estimated Cash to Close |
$95,556 |
|
D. TOTAL LOAN COSTS (A + B + C) |
$14,282 |
|
Joan,
Thank you SO much for all of your help! You were very patient with us and made sure we understood every step of the way. We never thought we would be able to find our perfect home this soon! We are still in shock how fast you’ve worked and how you were looking out for OUR best interests and not the other way around.
Thank you for caring in what you do, it really makes a difference when you’re working with someone that really cares and enjoys what they do. Thanks again! We will definitely make sure to send anyone looking into a home your way!
Gerardo & Brenda Olivares
Patricia helped me get the perfect loan for our dream home. Patient, professional, and helpful. It was an absolute pleasure to have Patricia with us every step of the way.
Great lender!!! Joan helped my family close on time and secure a great mortgage rate. Thank you!
