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dumb house/mortgage question.
Bah. Feeling alittle over my head here lol. Ever since this house closing, I swear we get something from either the closing office...broker's office.. one of the 3 different mortgage companies (yes, our 2nd payment is due on the 1st and we're already on our 3rd company.. hope this one sticks for awhile lol.)..or the county.. every.single.day. I'm starting to not know what the crap is they keep sending me!
But this one from the county needs to be returned by march so I'm trying to get it in now but I have a question. Its probably a really stupid one but everythings a big pile of mush in my head by now.
Its an application for homestead & farmstead exclusions then the county just wants updates on the house info and our mortgage terms. Obviously I know my interest rate and number of years. But wtf is percentage finance? I'm assuming like how much was financed. We went FHA, so do I put like 97%?
Why is this so complicated in my lil head lol. I know im going to feel like a moron once u girls tell me lol.
Re: dumb house/mortgage question.
im just as clueless to this stuff.. hence y i call my FIL and Dad lol. Good luck!! Wish i had more advice
stupid house stuff. Why can't it be more self explanatory.
Ok, glad I atleast sound like I'm on the right track lol. I just don't get this stuff. I know fha doesn't do 100% finance so our mortgage isn't for the amount that us and the sellers settled on. But the mortgage amount does not reflect that X amount minus 3% either (or 3.5, whatever fha's minimum amount is). More like 1.8%. Arrrgh. I swear I knew this stuff 2 months ago lol. What happened to me?
FHA is 3.5% so use 96.5% for your percent financed. I wouldn't worry about figuring in closing costs.
But most importantly, whatever you do, file that thing and file it soon! If you don't have homestead status, it will really mess with your taxes.
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alrighty, I'll just do that. I'm not going to worry about the mortgage amount not actually being 96.5% of our sale price... its not like they did something special for us lol. FHA is FHA for everyone. I'm probably just not understanding some little things.
Thanks for the help girls!