Purchase price: $306,500.00
Loan Amount: $300,948.00
Credit Score: 630 middle
Interest Rate: 3.5%
CCAP: Used to buy down the rate
Total cash used to close: $10,924.10
Total monthly payment: $2,023.44
Buyer had a short sale in 2013, a 630 middle credit score and $9,000.00 to buy a house
plus some funds from her 401K. She sat with me for the first time on 5/12/16 and went to
see properties on 05/15/2016.
We showed her 27 properties and she liked three of them. We made two offers
simultaneously, and we got one accepted on 5/27/2016 doing an FHA loan. The asking
was $319,000.00 and we negotiated it down to $303,500.00.
We did the inspection within 7 days and found some minor issues. I negotiated a
$6,000.00 seller credit. The appraisal came in at above contract price – $319,000.00.
We increased the price to $306,500.00 and received an additional $3,500.00 seller
credit. With the extra funds we covered most of the remaining closing costs (with the
exception of $196.50) and we used the CCAP funds from Bluecastle Lending to buy
down the rate to 3.5% (630 credit score…).
She brought in $4,924.50 on 6/23/2016 to the closing table after the $6,000.00 deposit
we had in escrow. The totality of the money she used was $10,924.50. Talk about
getting a good deal! See relevant parts of the Closing Disclosure