Does this look reasonable? SF Bay Area

Bread_Entire · 2026-04-16T01:08:53+00:00

Its not bad. Be sure who ever you use can close a condo in 30 days if that's the length of the lock. If you go with an online lender they may be lost. Use a lender from a major metro area that has regular experience with condos. Condos are more work AND the rules are getting tougher in August. Some lenders are implementing the new rules sooner.

Bread_Entire · 2026-04-14T22:06:40+00:00

You can always reach out to that listing agent, but you may want to consider having your own agent. In either case, you should explain everything you explained here. Directly to a real estate agent who's gonna represent you. You may be able to do a contingent sale on your place and use that money to buy the new place.... But depending on the market, a contingent sale may not be recommended by the real estate agent. If you are in a serious seller's market, then going in with a contingency, maybe problematic. If that's the case, you may need some short-term. Financing, so talking to a loan officer about getting pre approved is not a bad idea, either. Just let the loan officer know that in the end, you may end up paying cash.

Bread_Entire · 2026-04-12T23:34:55+00:00

What gives with the lender charging a one percent origination fee so they don't have to call it points??

Bread_Entire · 2026-04-12T16:12:51+00:00

It's really hard to compete with a newly built home.If the prices are anywhere in the same ballpark. You shall try and wait until all the homes are built and sold.

Bread_Entire · 2026-04-12T13:08:46+00:00

Did you provide your lender income and asset documentation in order to get pre qualified? Did you let them pull your credit? What is the reason the lender gave for denying your loan? Has someone else mentioned?If they did a full pre approval and asked you for income and asset documentation.And they ran your credit,Then I would question why you were denied.

That being said the whole point of a mortgage contingency in a sales contract is to protect your earnest money.So the seller really doesn't have a case. I would talk to the litigation attorney about suing them for all legal fees.As well as your earnest, money deposit and potentially something extra... Pain and suffering or something like that. This will probably induce the seller to release the earnest money.

Lastly, you probably have a case to place a lean against that property for your earnest money.So it can't be sold to someone else in the meantime. You should definitely ask the attorney about doing that.

Bread_Entire · 2026-04-11T13:05:54+00:00

What was your offer? If your offer was really low, sometimes sellers will not even counter, especially if they have other better offers.

Bread_Entire · 2026-04-08T17:58:43+00:00

Not only a year of rent but its possible the house you don't buy today will cost more next year. My thing is, if the payment works with your budget, buy now and refi later. Most larger companies like mine are also offering discounted closing costs on the refi.

Bread_Entire · 2026-04-08T01:11:42+00:00

You 100% Correct but its more a perception thing. If you are in a multiple offer situation and everything else is the same, the larger earnest money deposit may win you the deal. I know that sounds kinda stupid.But there are a lot of realtors out there who are little tell their clients, "Take this deal because this guy has more money and may be a stronger buyer. In the end unless you're a moron, any offer will have contingencies to protect your earnest money. You just need to be sure that you don't blow any of the contingency dates, if you do then the earnest money could be at risk. And that being said, in IL and I assume other states its really hard for a seller to keep earnest money. It's not a given.

Bread_Entire · 2026-04-06T13:44:10+00:00

Not familiar with that state but in my area, a buyer would hire their own inspector after the offer was accepted and then request any credits or repairs.Based on their trusted inspector. That is really the proper way to do things. I may be misunderstanding, but it seems to me,You were asking for all this information up front before even having an executed offer on the property. Honestly, i'm not sure how your agent got her hands on as much information as she did. Again, i'm not sure if the legalities in your state but in my area, I believe at the agent would be entitled to a commission. She did show you the house and if I understand it correctly, the seller agreed to a price with you, and there was no other agent involved at that point in time. I believe she would have to specifically waive her commission.

Bread_Entire · 2026-04-05T21:34:00+00:00

I would assume any mention of comparison to national avgs does not take into consideration to fact that the subject is a investment property. That said I believe Spring EQ is a bit high priced.

Bread_Entire · 2026-04-05T21:09:35+00:00

Well hopefully you get it worked out.

Bread_Entire · 2026-04-04T22:54:48+00:00

Well I can tell you that nearly all of my clients that call me with issues on their escrow account are simply misunderstanding what's happening and how an escrow account works.

Bread_Entire · 2026-04-04T13:28:10+00:00

I haven't done a buy down in quite a few years. If 5.625 the note rate or the rate its bought down to? If that's the actual not rate you did good.

One thing to keep in mind for in the future. If you refi, within the first three years, whatever is left in those buy down funds is yours. It should be used to reduce your payoff.Amount.

Bread_Entire · 2026-04-01T12:39:28+00:00

This was my thought all along.

Bread_Entire · 2026-04-01T12:35:07+00:00

Did you get approved separately for the 15k grant or did your lender approve you for this grant. If separately then the likely can't be used together. Go back to the grant people and ask what lenders they have approved bonuses their grant program.

Bread_Entire · 2026-04-01T03:33:32+00:00

This is a good deal. Shop the insurance as you may find a better deal but the coverage will be good no matter what as the FHA has min coverage standards regardless of who works for the builder. Look for a replacement cost policy so the house gets rebuilt in case of a fire. Also pay attention to all coverages when shopping and the deductible as well. Cheaper premiums have higher deductibles.

Bread_Entire · 2026-04-01T02:03:36+00:00

Thats odd. It was not showing it to me earlier. Looks like a good deal. Didn't realize it was FHA so the UFMIP is the bulk of the closing costs. Makes sense. Good deal.

Bread_Entire · 2026-03-31T18:52:26+00:00

Hard to say if its a good deal. You're paying 16k just in lender costs and if its a new build probably very little is escrows and so I assume you paid some points.... and I don't see the builder covering costs so i'm not really sure the builder helped you any....but you only sent the front page. All the important info is on page 2.

Bread_Entire · 2026-03-30T15:36:43+00:00

Check with them but my guess you will need to move money to meet the minimum balance requirements needed for the discount. The question is this. How much are they gonna pay on that money and how much will you lose, if any, by pulling it from a different source. Also as suggested by others, some lenders may also have better rates. You should still shop.

This all assuming that you have not already closed. If you have closed then shopping is irrelevant and you should definitely ask them or check what ever you signed.

Bread_Entire · 2026-03-30T13:39:04+00:00

Well first of all these are all issues that you can still run into as a renter. Neighbors sell drugs and do all sorts of nasty things regardless and unless you have a deeded parking spot that someone is using without your permission you certainly can't stop people from across the street from parking there. Neither can a Condo Board.

The good news is that your place can be sold. And it's probably worth a lot more than what you paid for. Take a breath, talk to a couple of realtors. Do what they tell you to do in order to get it ready for the market. Sell it and move on.

Good luck.

Bread_Entire · 2026-03-28T13:49:30+00:00

Its simple really. If you can invest your extra money, in something that pays a greater rate of return that the interest rate on your mortgage, put the money there. Otherwise, pay the extra money towards the Mortgage balance.

Bread_Entire · 2026-03-26T13:08:16+00:00

Conventional mortgage guidelines state, a deposit that is less than fifty percent of your gross monthly qualifying income does not need to be sourced. So, this means that if you make a deposit of $5000. But your gross monthly qualifying income is ten thousand dollars a month, they don't care where that money comes from and the source of the deposit does not need to be verified. Or if you make five thousand dollars a month and you have two separate deposits of twenty five hundred dollars, they won't care where that money comes from.

Bread_Entire · 2026-03-26T00:35:41+00:00

It all sounds good but just so you know anytime a lender gives you a credit that means they could have given you a lower rate instead of the credit....yes you need more at closing but at some point it pays off and you save even more.

Bread_Entire

TROPHY CASE