I am going 3.5% so I qualify for the first time home buyers tax credit. I was reading over the website and they said you need 3.5% down.
I dont really know where the added fee's came from, he simply said in an email:
"At 97% loan to value your loan amt. is $98,940 and with the LTV at 96.5% your loan amt. is $98,430. The difference is $510. When the LTV goes lower that means you come up with more—The loan amt goes down but you have to cover the difference. Example: 80% of $102,000 is a loan amt. of $81600—That means you would have to come up with $20,400. I hope this clarifies your question. "
He just sent me a sheet showing the loan fee's for the first 3% down as 2,000 and the loan fee's for 3.5% down as 2,500. - Thu Sep 25 2008, 09:25
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