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Neither your lender nor FHA warrants that you actually qualify for any
mortgage loan offered by your lender. This notice is provided to identify
the key differences between these mortgage products offered by your lender.
This disclosure is not a contract and does not constitute loan approval.
Actual mortgage approval can only be made following a full underwriting
analysis by your mortgage lender.
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FHA
Financing
203(b) Fixed Rate
|
Conventional
Financing
97% with Mortgage Insurance
|
|
1.
|
Sales
Price |
$100,000.00 |
$100,000.00 |
|
2.
|
Mortgage
Amount |
$97,750.00
($99,460.00 with Upfront
Mortgage Insurance Premium
|
$97,000.00 |
|
3.
|
Closing
Costs |
$2,965.00 |
$4,486.00 |
|
4.
|
Downpayments
Needed |
$2,250.00 |
$3,000.00 |
|
5.
|
Total
Amount Needed to Close Exclusive of Prepaids |
$5,215.00 |
$7,486.00 |
|
6.
|
Interest
Rate and Term of Loan In Years |
8%
30 Years
|
8%
30 Years
|
|
7.
|
Monthly
Payment (principal and interest only) |
$730.00 |
$712.00 |
|
8.
|
Loan-to-Value |
97.75%
|
97%
|
|
9.
|
Monthly
Mortgage Insurance Premium (first year) *1 |
$40.73 |
$76.63 |
|
10.
|
Maximum
Number of Years of Monthly Insurance Premium Payments |
30
Years |
Approximately:
13 Years |
|
11.
|
Upfront
Mortgage Insurance Premium (if applicable) *2 |
$1710.00
(Included in mortgage amount, line 2) |
N/A |
*1 - Monthly mortgage
insurance premiums are calculated on the average annual principal balance,
i.e., as the amount you owe on the loan decreases each year, so does the
amount of monthly premiums.
*2 - Based on the upfront mortgage insurance premium rate available for
first-time homebuyers who obtain housing counseling.
For more
information, contact one of our professional
loan officers.
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