financing - Posted by michael
Posted by michael on October 06, 2003 at 17:06:47:
I’m trying to help my mom (71, first time buyer in tx…) get the best deal on financing a home she is buying through HUD (offered 85k, HUD accepted last week)It belonged to my grandmother. Comp sales in the area say its worth from 95k to 110.
I don’t know anything about this but I have been told that some lenders will do interest only, at a lower fixed rate, for 10 years. I’m trying to get her payments to app. $500 a month (her social security check) with a max of 10 k down and ins and taxes at $250 a month.
She has great credit, income, and has already been approved by the local bank. But the payments are high and the closing costs are also.
I know that there are people on this site that have lots of experience and I’ll take any advice I can get.