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Financing in La Jolla : Real Estate Advice

  • All164
  • Local Info3
  • Home Buying27
  • Home Selling2
  • Market Conditions6

Activity 2
Wed Aug 21, 2013
JR Thrasher answered:
Approvals expire, loan locks expire, all kinds of things can happen outside of the buyers control that could change things. I agree that the best course of action would be to close and retain possession for two weeks until you are ready to move. Real estate transactions are complicated and it's best to stay flexible so everything works out. You don't want to lose your buyer and have to start all over again, that would really mess with your timeline.

J.R. Thrasher
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Fri Oct 14, 2011
Michael Abram answered:
Hello Miyuki,

All the points listed below are great to know when comparing FHA to Homepath. I wanted to point out one additional item. Even if you're shying away from the Homepath loan because it's 1% higher in rate, take into consideration that if you happen to have an accepted offer where the seller gives you a large credit towards closing costs, you could apply those funds to buy down the interest rate. Now, you're in a situation where you are going as low as 3% down with an interest rate that is possibly in the 4% range. Not a bad deal when you're not financing the UFMIP and the monthly MI with FHA loans and you're now at a rate that is comparable to FHA rates.

Best of luck to you.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
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