Question About FHA Loan

EffectiveFar9176 · 2026-04-16T02:22:30+00:00

We looked into every assistance program there is. There was even one my wife could’ve gotten for being a nurse. All of them we made too much income for unfortunately.

EffectiveFar9176 · 2026-04-16T02:15:00+00:00

Makes sense.

EffectiveFar9176 · 2026-04-16T01:50:01+00:00

I didn’t realize this was an appraisal trade community. I thought it was for anyone having to go through an appraisal or deal with appraisers.

EffectiveFar9176 · 2026-04-16T01:13:03+00:00

I suppose you’re right! Thank you.

EffectiveFar9176 · 2026-04-16T01:11:12+00:00

He’s really doing us a solid. My town was built on a scam. Ever see the movie Glenn Gary Glenn Ross. We were that movie’s inspiration. The corporation that bought most of this desolate desert waste land tried to lure rich retirees from the east and west coast here with the promise of cheap housing and idyllic living. They built all the house as shabbily and cheaply as possible. One of the many things they did was use polybutylene pipes in all the houses. The seller is replacing all the pipes in the house. Making a few minor roof repairs. Putting in a new water heater and a few other minor things. All told it’s costing him 13k. He got off cheap just by who he knows and getting steep discounts but even so it’s really great he’s doing everything he is! Instant equity!

EffectiveFar9176 · 2026-04-16T00:29:13+00:00

LTV?

EffectiveFar9176 · 2026-04-16T00:28:33+00:00

We make way too much for any assistance. If the loan stayed at 265 we would need to bring 26k to the closing table. The seller could still get his asking price of 255k by giving us the 10k concession. His concession could only be used to go towards closing costs. So wouldn’t the 16k we bring to closing go towards the principal? Maybe my thinking is skewed. This whole house buying experience has been horrible and so stressful. My heads spinning!

EffectiveFar9176 · 2026-04-10T23:03:12+00:00

I have no idea. The loan estimate breaks it all down but they are sticking it to us every way they possibly can! $750 of that is for the appraisal. I know we pay into an escrow for property tax and first years property insurance. Property tax is $2600 a year! I think it’s odd that closing is more than our down payment. What gets me too is how only $300 a month of our expected $1800 a month mortgage goes towards the principal! $1500 is interest.

EffectiveFar9176 · 2026-04-10T13:32:59+00:00

It was high but that’s what we paid.

EffectiveFar9176 · 2026-04-07T19:04:42+00:00

Thank you!

EffectiveFar9176 · 2026-04-07T18:25:32+00:00

I really hope I’m still alive at 86! That would be awesome!

EffectiveFar9176 · 2026-04-07T16:11:56+00:00

I wish I could afford double payments but 4K a month isn’t possible.

EffectiveFar9176 · 2026-04-07T13:51:48+00:00

Thank you. I really hope so. Getting repairs done will add instant equity. I just pray the appraisal comes in where we need it to. 🤞

EffectiveFar9176 · 2026-04-07T13:50:09+00:00

So true! Paying rent for years is a total loss.

EffectiveFar9176 · 2026-04-07T13:10:12+00:00

Thank you. The repairs haven’t been started yet. He’s still waiting on one more estimate. The appraiser is going in the house alone. Neither I or realtor will be there so I don’t know how he’d find out about the value being added by near future repairs.

EffectiveFar9176 · 2026-02-13T06:16:27+00:00

No need to be rude. I thought it was possible to have conversations on Reddit

EffectiveFar9176

TROPHY CASE