My sister is buying a home for 131,700. This their first home and they went through a company that supposedly finds them the best loan possibly for them and then the get a builder to start building their home over the next six months. Their credit score is in the low and mid six hundreds and they are looking at a fixed interest rate of 9.3%. the taxes are about 310 monthly and the insurance is 127 monthly. Im helping her go through the paper work and I notice that there are two loans being combined, one for 104 thousand and the other is around 27 thousand. Can you do this? I want her to know as much as possible because they are set to close on March 13, 2007 and I want to make they can afford this and that they are actually getting a good deal. They make over 4000 monthly. Please provide any information possible and thank you in advance for any responses. I would hate for them to get in over there head.
The house has been built, inspected, and appraised already. They started this process in October I believe
Yall are giving my sister and I wonder information. We are really appreciating this.
I just found out that they didnt have a downpayment and they arent paying any closing costs. Also why wasnt they offered something like a first time homebuyers deal. Im a college student dormer so I dont know anything about home loans.