2whatingtono, Home Buyer in Lebanon, PA

If you are approved for a PHFA loan and intrest rate is high

Asked by 2whatingtono, Lebanon, PA Wed Sep 28, 2011

How long must you wait to maybe do another government program like the 1% intrest rate is it several months, or is it years. The reason I ask is because when the loan amount was first presented to me the amount was 1108 then jumped to 1210 and now its up to 1364 It seems everytime the loan officer gets back to me the price jumps 100 or more dollars the house appraised at 177000 but she (loan officer)is financing for 181900 is this normal? I have my 3.5% down and the seller is helping with 4000 closing. Please help I am lost and not understanding.

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3
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Wed Sep 28, 2011
2what,

Something is not right if your quote has changed that much.
Yes PHFA is high, but you may be better off with either FHA or USDA.
lease call me to discuss.

Best Regards,
Alan Openshaw
Cornerstone Lending
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes
David Hepp, , Palmyra, PA
Wed Sep 28, 2011
Are you sure it is a PFHA loan and not a UDSA loan? PHFA interest rates are higher then regular FHA rates or USDA rates.
Did you get a GFE (good faith estimate) from the bank or your Realtor?
Do you have a Realtor, they should be able to help!!!!
If you do not have a Realtor, e-mail me your phone #, I work in the Lebanon PA area.
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Sep 28, 2011
First you should check with your loan officer as why the monthly payment is going down when mortgage rates on a whole are going down. They should be able to expalin what is going on with your individual case. Also check your interest rate and check with other local mortgage brokers to compare. Good luck
Web Reference:  http://www.ScottSellsNH.com
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