Question about a 2017 FHA loan with a 580 score

I got a house in Cleveland back then with that low score by using a credit repair housing program, but the PMI was way higher than they said it would be, like $220 a month. Learned you really have to check the final numbers yourself before you sign anything. Has anyone else had a lender give them one estimate and then the real payment was a lot different?

3 comments

3 Comments

christophero6525d ago

Yeah, that "estimated taxes" thing @logan_wood mentioned is a huge trap. My lender did the same with my escrow. They guessed low, so my payment jumped $150 after the first year when they did the real math. Now I make them show me the exact county tax bill and insurance quote before closing. I even call the county myself to check the numbers. You HAVE to do your own homework because their "estimates" are just guesses that you pay for.

holly_thompson9825d ago

My friend's escrow doubled after his lender's tax guess was way off.

logan_wood25d ago

Yeah, that part about the PMI being way higher than they said... that's rough. I had a similar thing happen where the "estimated" taxes on my paperwork were way off from what the county actually charged. It feels like they just guess sometimes and you're stuck with the real bill.