double checking my financing options

[Marti Dowdy]

Hello 

I am under contract for a property in mobile al and currently have my primary residence in oregon.  The lender I was originally working with ( and originally  was looking for a property in OR) is only licensed in Oregon.  This led me to a quick scramble to find another lender.  I asked the agent local in AL for a  recommendation.  He worked on all my paper work in a timely manner, but now see the CLOSING costs and they are shocking.  Are there experts out there that can advise me?  we own our primary residence in OR.  the property we are buying is $160,000 conventional, 30 yr with 20% down@ 7.25 rate and closing costs $9542. points 3.364% ( $4387), underwriting $995 and taxes $169. per month.   I can deal with the higher rates, but he is claiming I cant get around the 3.364% points?  this will be a long term rental for family member going to school; advice would be appreciated. 

[Jay Hurst]

Quote from @Marti Dowdy:

Hello 

I am under contract for a property in mobile al and currently have my primary residence in oregon.  The lender I was originally working with ( and originally  was looking for a property in OR) is only licensed in Oregon.  This led me to a quick scramble to find another lender.  I asked the agent local in AL for a  recommendation.  He worked on all my paper work in a timely manner, but now see the CLOSING costs and they are shocking.  Are there experts out there that can advise me?  we own our primary residence in OR.  the property we are buying is $160,000 conventional, 30 yr with 20% down@ 7.25 rate and closing costs $9542. points 3.364% ( $4387), underwriting $995 and taxes $169. per month.   I can deal with the higher rates, but he is claiming I cant get around the 3.364% points?  this will be a long term rental for family member going to school; advice would be appreciated. 

 @Marti Dowdy  AS mentioned above 25% is the target for non-owner occupied properties.  You will reduce your discount points dramatically so essentially your cash would go towards equity NOT discount points.  Any LO worth their salt should have offered you both options.