Home Buying in 92119>Question Details

Chis Loo, Home Buyer in 92119

San Diego Market - Current FHA Rates and Deal

Asked by Chis Loo, 92119 Sat Nov 10, 2012

It sounds too good to be true. Any insight is appreciated.
November 9, 2012
I received a GFE and my application was just submitted for a FHA loan, ~$485k. The terms documented by the broker includes 3.5% down, and 3.25% for a Jumbo FHA in San Diego. Plus, there is a very sizable lender credit off-setting a chunk of the FHA Funding/Prepaid PMI. The lender credit completely offsets the Prepaid PMI, prepaid taxes, and origination. 1) This deal is better than any conventional deals I've seen, 2) sounds too optimistic.

For those of you in the SD market or in the know, is this a realistic deal or is my chain being pulled? I'll be happy to send a redacted Fee Worksheet if you are unusually curious.

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Answers

3
Thanks John.
They are getting a 1.5% origination, but giving ~ 4% lenders credit. A bit more aggressive than your comment...are FHA deals really that attractive to producers now a days?

I tend to be overly loyal, but in business...
If an lenders / brokers would be interested in viewing my gfe/fee worksheet or would like the opportunity to beat the offer, send me a PM, or post your info.

Thanks.

btw - I am already in contract - have a no presure, 90 timeline (unique situation). Will probably close much sooner but could wait if it made a difference.
0 votes Thank Flag Link Sun Nov 11, 2012
I have also heard of deals structured this way, Rest assured that your lender is getting paid their fees...it's always a matter of the way it is structured.

Are you working with a Realtor yet? If not, I would love the opportunity to speak with you!

All the best!
0 votes Thank Flag Link Sun Nov 11, 2012
Michael:

Thank you for taking the time to answer. However, I think I asked the wrong question.

Does this sound in-line with what is happening in the current environment?

I can appreciate folks trying to push business. In fact, if your goal is to make a 'recommendation' of a friend or trusted resource, I'd encourage you to provide their business email. Like I said originally, I'd be happy to forward my redacted GFE - if they can beat it...awesome. Even if they can only say that it is out of line, that is what I am hoping to find out.
0 votes Thank Flag Link Sat Nov 10, 2012
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