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Residency, Social Security or Income in the US
All Government Programs
First-Time Buyer, Rural and Veterans Programs
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Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
| SALES PRICE: | $295,000 |
| LOAN TERM: | 30 years |
| PRODUCT: | Fixed Rate |
Loan Terms |
Can this amount increase after closing? |
|
Loan Amount |
$289,656 |
NO |
Interest Rate |
4.99% |
NO |
Monthly Principal & Interest |
$1,553.17 |
NO |
Does the loan have these features? |
||
Prepayment Penalty |
NO
|
|
Balloon Payment |
NO |
Projected Payments |
|||||||||||||
Payment Calculation |
Years 1-30 |
Years |
|||||||||||
Payment Calculation |
$1,553.17 |
$ |
|||||||||||
Mortgage Insurance |
+ 202.00 |
+ |
|||||||||||
Estimate Escrow |
+ 520.00 |
+ |
|||||||||||
Estimated Total |
$2,275.17 |
$ |
|||||||||||
Estimated Taxes, Insurance |
|
||||||||||||
Costs at Closing |
||
Estimated Closing Costs |
$15,855 |
Includes $13,303 in Loan Costs + $3,807 in Other Costs – $0.00 in Lender Credits. See page 2 for details. |
Estimated Cash to Close |
$8,158 |
Includes Closing Costs. See Calculating Cash to Close on page 2 for details. |
Projected Payments |
||
A. Origination Charges |
$4,385 |
|
1.960 % Loan Origination (Points) |
$4,209 |
|
Lender Document Attorney Preparation Fee |
$175 |
|
Other Costs |
||
E. Taxes and Other Government Fees |
$125 |
|
Recording Fees and Other Taxes |
$125 |
|
Transfer Taxes |
||
F. Prepaids |
$1,872 |
|
Homeowner’s Insurance Premium ( 12 months) |
$1832 |
|
Mortgage Insurance Premium ( months) |
||
Prepaid Interest ($40.15 / day for 1 days @ 4.99 %) |
$40.15 |
|
PropertyTaxes ( months) |
||
B. Services You Cannot Shop For |
$6,276 |
|
Appraisal Fee |
$670 |
|
Credit Report Fee |
$50 |
|
Contract Processing Fee |
$500 |
|
Flood Certification |
$6 |
|
Tax Service Fee |
$69 |
|
Up-Front Mortgage Insurance Premium |
$4,981 |
|
G. Initial Escrow Payment at Closing |
$1,560 |
|
Homeowner’s Insurance $152.67 per month for 3 mo. |
$458 |
|
Mortgage Insurance per month for 0 mo. |
||
Property Taxes $367.26 per month for 3 mo. |
$1,102 |
|
H. Other |
$250 |
|
HOA Transfer Fees |
$250 |
|
I. TOTAL OTHER COSTS(E+F+G+H) |
$3,807 |
|
C. Services You Can Shop For |
$2,642 |
|
Survey Fee |
$450 |
|
Title - Lender's Title Insurance |
$1676 |
|
Title - Settlement/Escrow Fee |
$450 |
|
Title - Tax Certificate Fee |
$66 |
|
J. TOTAL CLOSING COSTS |
$15,854 |
|
D + I |
$18,854 |
|
Lender Credits |
||
Calculating Cash to Close |
||
Total Closing Costs (J) |
$15,854 |
|
Closing Costs Financed (Paid from your Loan Amount) |
-$4,981 |
|
Down Payment/Funds from Borrower |
$10,325 |
|
Deposit (1% of Purchase Contract) |
-$2,950 |
|
Funds for Borrower |
$0.00 |
|
Seller Credits |
-$10,000 |
|
Adjustments and Other Credits |
$0.00 |
|
Estimated Cash to Close |
$8,158 |
|
D. TOTAL LOAN COSTS (A + B + C) |
$13,303 |
|
Joan Gallardo and his team have been great help in the home buying process. They go above and beyond to ensure all questions are answered and all due dates are met. I would highly recommend clear lending to any future home buyer.
Would recommend 1000%!!!!! What an experience! Called Joan about buying a home and within 2 months, we looked at A LOT of homes, found one we loved, and closed within 30 days. Before calling Clear lending, I was stressed about the home buying process due to the COVID virus, never thought we would be able to close during a pandemic. Joan made the home buying experience simple and straightforward, answering all questions via phone and WhatsApp, and we also made sure to send all needed documentation in, when requested, to ensure a smooth close... The closing process was stressful due to the anticipation of wanting the process to come to an end, however, that's normal and Joan was readily available answering my never-ending questions. Joan truly cares about his clients and was in my corner throughout the process. Superexcellent home buying experience and a great person to work with. Thanks, Joan/clear lending!!!!
It was a pleasure working with my loan officer, Joan Gallardo. From the initial consultation to the final approval, Joan was incredibly knowledgable, responsive, and supportive. I highly recommend Clear Lending Joan & Patricia. I give them 10/10 for all information and support throughout the entire process until closing.
