All Forum Posts by: Andres Cantu

@Jay Hurst yes property is in Texas. So back story is I bought the land a year and a half ago and decide to build a 4 plex using a bank lender. So they used the equity of the land to use for financing the construction loan. We are at the point where the 4 plex is done and now we are going with a mortgage company to close on a permanent loan. So they are absorbing the construction loan plus the amount owed for the land. 381k for construction plus 55k for the land = 436k. The amount of 472k is including closing cost and other fees I’m assuming based on the interest rate. Not sure if this is answering your question, just trying to give you the overall story. 

@Dave Skow I would l like too bud. Just trying to keep my option open for a good deal. Just trying to wrap my head around all the fees.

Yes the fha loan is for a 4 plex multi family home. I attached the estimate quote that the lender had sent me. He is trying to get me at at lower mortgage payment but this is a rough estimate currently. 

Loan is for a multi family home (4plex). Not sure if that would make a difference. This were the numbers to be exact on the loan that is being offered. Loan officer is trying to get me to a lower mortgage loan 

Monthly payment is 3389$ and with taxes and fees it comes out to 4374$ a month. 

Currently got quoted for an interest rate of 6.25% with a 8.25% APR for the mortgage loan. My current credit score is at a 780. My question is, is that a good rate or a normal rate to be at in the current market of Nov 2022? I feel the APR might be a little too high with my current credit score. Any advice is greatly appreciated