Asked by Sheffs247, Troutdale, OR • Thu Sep 23, 2010
We are buying a house out in Sandy. We are buying in for $192,000. We have a little more than $4,000 in cash. We have been approved for an FHA loan and a USDA loan. Also we were going to apply for the CHAP program. Which is a secondary interest free loan that can be put towards the down payment of the house. So the amount we would be getting would be around $11,000. We have been dealing with 2 lenders. Lender #1 thinks we should go USDA because its no money down, we don't have to pay anything back and there is no MMI. He is saying our closing costs will be around $4400. Lender #2 says we should do FHA because we could use the CHAP money and the MMI will drop off after 5 years. She is saying our closing costs will be around $8,500.
I don't know what to do!?!?!
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