Misfitmorgan's Journal - That Summer Dust
- Thread starter misfitmorgan
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misfitmorgan
Herd Master
Thank you everyone! 
Waiting for some paperwork from the seller for the bank then things can get rolling. I have the car title now so they cant complain about that. Even if they use the same appraiser the CU doesnt sell any of their loans so dont need to worry about fannie mae guidelines. I believe we have enough cash for closing atm but i have not gotten an official number as of yet. I'm thinking having a bit over 10% of the total purchase price for the place is going to be enough.
Waiting for some paperwork from the seller for the bank then things can get rolling. I have the car title now so they cant complain about that. Even if they use the same appraiser the CU doesnt sell any of their loans so dont need to worry about fannie mae guidelines. I believe we have enough cash for closing atm but i have not gotten an official number as of yet. I'm thinking having a bit over 10% of the total purchase price for the place is going to be enough.
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Bruce
Herd Master
I would think 10% down would be fine, don't forget to blow the mortgage insurance when you have 20% equity.
I think she was planning on 5% down... the 10% is to cover everything at closing.
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misfitmorgan
Herd Master
@Latestarter is right.
5% down and closing can be 5-7%
I will have between 11-12% at closing total just in case.
5% down and closing can be 5-7%
I will have between 11-12% at closing total just in case.
Typical closing costs on a typical home purchase loan are right about 3%... That said, the typical home loan is pretty well north of a quarter mil... For very small loans, the closing costs as a percentage are higher as many of the costs are "fixed" costs (appraisal, title fees, lawyer fees, etc.) So a $450 appraisal on a $45,000 loan is 1% before anything else is even considered. On a $250,000 loan, that same appraisal is .18%
Baymule
Herd Master
I am so happy for you! I hope this one goes off without a hitch. Get moved, get settled in and get ready for winter. Then you can post pictures of all your animals in their new home!
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misfitmorgan
Herd Master
Thank you much @Baymule I hope it goes well and quick too.
Very true @Latestarter thats why i am trying to get a bit extra just in case. I know total costs on the other place were right around 6k for a $52,725. This one the loan will be for $57,000 so im hoping its still only 6k or less but we should have more just in case.
Still no paperwork back from the seller.
I hope it goes well and quick too.Very true @Latestarter thats why i am trying to get a bit extra just in case. I know total costs on the other place were right around 6k for a $52,725. This one the loan will be for $57,000 so im hoping its still only 6k or less but we should have more just in case.
Still no paperwork back from the seller.
Baymule
Herd Master
It's Monday morning! This is the week things go your way!
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misfitmorgan
Herd Master
Thanks Bay!
Nothing new to report on this end. The asset manager was on vacation it seems. But the realtor told me she(asset manager) would get back to "us" as soon as possible with their response...
Umm response to what i thought they already accepted the offer which is why we signed the seller Agreement.
Nothing new to report on this end. The asset manager was on vacation it seems. But the realtor told me she(asset manager) would get back to "us" as soon as possible with their response...
Umm response to what i thought they already accepted the offer which is why we signed the seller Agreement.
