Advice needed! $15,000 Down payment assistance, first time buyer

[Parker Hoda]

Hello everyone,

I'm looking for some advice from investors who excel in reading into the numbers of a loan. 

Background: I've been pre-approved for a First-time Home Buyer's loan. Since I am buying in a "hardest hit" area, I am eligible for $15,000 in down payment/closing cost assistance and the total loan amount is $200,000. The $15,000 down payment loan is 100% forgiven if I stay in the home for 5 years.  

I have been sent a "pre-application worksheet" pdf which outlines the details of the loan. Can someone review the numbers and give me their thoughts?

Some initial thoughts/questions I have: 

• What is the APR vs Interest rate?
• What is the $3800 "loan origination fee"?
• Can someone "explain like I'm five" the prepaids, escrow, and fees sections?
• Does this seem like a good deal on a loan?

I really appreciate anyone who can help this newbie decipher this.. I'm trying to set up a meeting with the lender to go over it in person, but I'd like to get some third party thoughts as well.

Thanks!!