I NEED HELP CHOOSING THE BEST PREAPPROVED LOAN

[Judith Nwankwo]

Hi everyone , please I need help. I am a first time home buyer . No one I know has bought a house. so all these 3 preapprovals I have is driving me crazy. They have tried to explain but I still don't understand ,just too many numbers . I am hoping that someone can help simplify these and tell me which would be the best deal .

1.House price : 250,000

2.Credit score : 750

3. hoping to buy with no money down/very small down payment

4. would love the monthly payments to stay b/w 1,100 to 1,450

FIRST PRE-APPROVAL (PRIVATE LENDER)

Estimated Principal and Interest –__$749.55

Estimated Home Owners Insurance-__$80

Estimated Property Taxes-_$170

Estimated Mortgage Insurance-__$115.19

Estimated HOA -_$0________ (If property has HOA this can affect your Pre-Qual Amount)

Estimated Total Monthly Payment-$1114.74

Based on the pre-qualification amount in this email the estimated Down Payment __3.5__% of Purchase Price which is $5950_.

Based on the pre-qualification in this email your estimated Closing cost is $3702___. That number does not include any Seller Credit or earnest money that you may put down.

Based on the pre-qualification in this email your estimated Pre-Paid Escrows (taxes and insurance) is $2720.09_.

YOU ARE ALSO PREAPPROVED FOR 5,OOO DOWNPAYMENT ASSISTANCE.

SECOND PREAPPROVAL (CREDIT UNION)

Please note the payments below do not include home owners insurance or real estate taxes as we do not offer escrow accounts.

100% financing – 1st mortgage $160,000 30 years rate 3.75% payment of $740.98, 2nd mortgage $40,000 10 years rate 6.0% payment of $444.09.

3% down payment $ 7500, Purchase price $250,000 1st mortgage $242,500 rate 3.125% payment $1038.81 + $155.60 = $1194.40

THIRD PREAPPROVAL (PRIVATE LENDER)

GEORGIA DREAM

Loan Amount: $245,471.00 Interest Rate: 3.250%

Purchase Price: $250,000.00 APR: 4.451%

Estimated Value: $250,000.00 LTV/CLTV: 96.500% / 98.500%

2nd Mortgage Amount: $5,000.00 Amortization: Fixed

Loan Term: 360 Months Loan Type: FHA

Total Costs $264,261.44 Total Credits $259,471.00

Estimated Cash From/To Borrower: $4,790.44

Down Payment: $3,750.00

FHA

Loan Amount: $245,471.00 Interest Rate: 2.750%

Purchase Price: $250,000.00 APR: 3.890%

Estimated Value: $250,000.00 LTV/CLTV: 96.500% / 96.500%

2nd Mortgage Amount: $0.00 Amortization: Fixed

Loan Term: 360 Months Loan Type: FHA

Total Costs $263,021.00 Total Credits $255,471.00

Estimated Cash From/To Borrower: $7,550.00

Down Payment: $8,750.00

Thank you