Posted on: 22nd Jan, 2010 03:39 pm
We have checked with Bank of America on this. They say we are eligable BUT we are not being told how much money we will need to secure the property and Mobile.
The downpayment is 2300, the closing is 2800. FHA is 440. We had this money then was told there was more that had to be done & layed out.
What I am asking is what needs to be done to buy this? What type of things have to be checked out? Shouldnt property & school tax be included in the morgage? And why do I need someone else to check out the Mobile if FHA is doing it & keeping the fee.
We need to know if anything else needs to be done as far as more money upfront. I called an attorney she told me I would need 6,000 more for upfront school & land taxes. Why is this? I was under the impression when we were looking for a home that this was all included in the morgage as I stated before.
Please help on this as I am at my wits end. No one is giving us any input on this & all that is happening is when we think we are ready for the purchase where hit with another amount of money.
The downpayment is 2300, the closing is 2800. FHA is 440. We had this money then was told there was more that had to be done & layed out.
What I am asking is what needs to be done to buy this? What type of things have to be checked out? Shouldnt property & school tax be included in the morgage? And why do I need someone else to check out the Mobile if FHA is doing it & keeping the fee.
We need to know if anything else needs to be done as far as more money upfront. I called an attorney she told me I would need 6,000 more for upfront school & land taxes. Why is this? I was under the impression when we were looking for a home that this was all included in the morgage as I stated before.
Please help on this as I am at my wits end. No one is giving us any input on this & all that is happening is when we think we are ready for the purchase where hit with another amount of money.
Hi rroemer!
Welcome to forums!
You'll have to get the property appraised in order to know the exact value of the property. Also, a appraisal will help you know whether or not there are flaws in the property. Thus, it would help you know whether or not it would be a good idea to buy the property. As far as taxes are concerned, the lender would want you to go for an escrow account wherein the stipulated amount of money would be deposited for the taxes and the lender would pay it on your behalf at the year end.
You've mentioned that your attorney has told you that you would need $6000 more for upfront school and land taxes. You can ask her to clarify the whole issue so that you come to know why you need to pay this.
Sussane
Welcome to forums!
You'll have to get the property appraised in order to know the exact value of the property. Also, a appraisal will help you know whether or not there are flaws in the property. Thus, it would help you know whether or not it would be a good idea to buy the property. As far as taxes are concerned, the lender would want you to go for an escrow account wherein the stipulated amount of money would be deposited for the taxes and the lender would pay it on your behalf at the year end.
You've mentioned that your attorney has told you that you would need $6000 more for upfront school and land taxes. You can ask her to clarify the whole issue so that you come to know why you need to pay this.
Sussane