My loan guys at BOFA are really helpful… which surprises me, since I’ve always had a weird relationship with Bank of America. They let me know that a regular FHA loan with BOFA is a whole point cheaper… (Saving me at least $1500.00 in closing costs since a CAL pers FHA loan requires that you pay one point always.)
I also got some new GFE… I can now get a condo with a $170,000 purchase price… without tapping my $7,000 emergency fund.
My House Dp fund has $12,817.66… my old work retirement fund has $1,283.28 in it (that I wouldn’t need to replace)…. And at the end of the month I can borrow from myself $2,000 that I haven’t deposited in my Roth IRA for this year… That brings me to $16,100.94 of the $16,228.54 I’d need by closing for a loan. I could then use my emergency fund to cover some of the costs I’d be short each month paying my mortgage and my rent on my apartment. So in a week I can start playing around with offers at $170,000.00!!!!
In another update,
I got pre-approved with another bank… (because it was required for another offer.) There closing costs are cheaper. I’ve sent it to my BOFA guy to see if we can work some magic numbers and get me a better deal.
More offers went out this week... One isn't a short sale!!!!