All Forum Posts by: JC Smith

I was kind of hoping to stay around 500-600k Max, I am a first time buyer and want to ensure Vacancy isn't going to rape my bank account. (Currently floating around 95-110k yearly income)

How do I get access to the MLS? Thank you for the REDFIN I haven't seen that

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Greetings BP, JC again. Thank you for all the help so far but I had another question to propose.

I am looking for maximum monthly return on my investment on my FHA loan, which means I am going to have to live there for 1 year. I work out of Cerritos Auto Square and would like to stay 45minutes to 1 hour away MAXIMUM.

I am having literal anxiety trying to decide the best area for a good Investment/Rent ratio, I don't mind living in a rough area. Looking for 3-4 units!

Thanks again!

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Also getting 5k credit from FHA towards closing costs

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@Jesse Gonzalez

Can you ellaborate? A 4.250 seemed very aggressive for a first tiem buyer and FHA...

Am I missing something?

Thanks for your help!

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Sorry for the sloppy post..

My only real estate source is informing me to be careful with Lenders, this particular one happens to be with Alpine Mortgage

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Hi BP!

JC again, thank you all for the help so far.

ANYWAYS here is the scoop, should I trust this Lender?

LOAN DETAILS AND MONTHLY PAYMENT OVERVIEW

LOAN DETAILS

MONTHLY PAYMENT ESTIMATE

Sales Price: (leave blank for refinance!)

$420,000

Principal and Interest:

$2,028.72

Down Payment (percentage) (leave blank for refinance!)

3.500%

Taxes ESTIMATED AT:

$420.00

Refinance Loan Amt (without UFMIP / Funding Fee):

Hazard Insurance ESTIMATED AT:

$100.00

Loan Amt (without UFMIP / Funding Fee):

$405,300

PMI/FHA Mortgage Insurance:

$455.96

UFMIP / Funding Fee PERCENTAGE:

1.750%

MI Factor

1.350%

UFMIP / Funding Fee DOLLAR AMOUNT:

$7,092.75

HOA Dues

Total Loan Amt (with UFMIP / Funding Fee):

$412,393

2nd Mortgage Principal and Interest

$0.00

Interest Rate:

4.250%

Loan Term (in months):

360

Value:

$420,000

TOTAL MONTHLY PAYMENT ESTIMATE:

$3,004.69

Loan to Value:

96.50%

Estimated Payoff

ESTIMATED FEES

ESTIMATED LOAN COSTS--BUYER

ESTIMATED PREPAID & ESCROW COSTS--BUYER (SEE NOTES BELOW)

ORIGINATION FEE

0.000%

$0.00

Per Diem Interest on New Loan

ASSUME

$48.02

LOAN DISCOUNT

0.000%

$0.00

(from the day of funding through month end). Amount will change depending on the actual close date.

DAYS

APPRAISAL (estimated)

$650.00

CREDIT REPORT

$21.00

ESTIMATED PER DIEM INTEREST:

240.09

ADMINISTRATION FEE

$995.00

Mortgage Insurance Premium

$1,200.00

PROCESSING FEE

Hazard Insurance Premium

DOCUMENT PREP FEE

(First year, estimated. The homeowner's insurance agent is your choice)

POSSIBLE APPRAISAL REVIEW

OTHER:

TOTAL ESTIMATED LOAN COSTS:

$1,666.00

TOTAL ESTIMATED PREPAIDS:

$1,440.09

TITLE/ESCROW ESTIMATED FEES:

FOR IMPOUNDS ("ESTIMATED NET FIGURE TO BE COLLECTED"):

SETTLEMENT/CLOSING

$2,000.00

HAZARD INSURANCE

months @

$100.00

TITLE INSURANCE (REISSUE FEE)

$800.00

$300.00

TITLE CO. ENDORSEMENTS

$100.00

MORTGAGE INSURANCE

months @

$455.96

RECORDING/FILING FEE

$0.00

TITLE CO COURIER

REAL ESTATE TAXES

months @

$420.00

TITLE CO DOC PREP/DOC FEE

$2,520.00

WIRE FEE

FLOOD INSURANCE

months @

NOTARY FEE

$200.00

$0.00

TRANSFER TAX

OTHER:

TOTAL ESTIMATED TITLE/ESCROW FEES:

$3,100.00

TOTAL ESTIMATED IMPOUNDS:

$2,820.00

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All Forum Posts by: JC Smith

JC Smith has started 4 posts and replied 15 times.

Post: Looking for Multi-Family brokers...

Post: Looking for Multi-Family brokers...

Post: Looking for Multi-Family brokers...

Post: Where to buy multi unit investment property in SO-CAL!

Post: Where to buy multi unit investment property in SO-CAL!

Post: Where to buy multi unit investment property in SO-CAL!

Post: Do these Loan Details look right for FHA?

Post: Do these Loan Details look right for FHA?

Post: Do these Loan Details look right for FHA?

Post: Do these Loan Details look right for FHA?