financing - Posted by michael

Posted by Randy on October 06, 2003 at 18:06:43:

Just to clarify, are you asking for a Total payment of $500 including insurance and taxes? That would leave $250 for principal and interest. If that is correct the interest rate would be 3.97% Interest Only.

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.

Re: financing - Posted by rachael

Posted by rachael on October 06, 2003 at 21:02:32:

We actually spoke to someone today about the interest only loan that you are talking about. Don’t know if reputable, good company etc - but here is info. All you can do is ask…

Mid South Mortgages