Posted by frances arnone on 12/17/11 6:51am
Msg #406875

criteria for low interest rate

Can anyone tell me what the banks look for to approve a loan with a very low rate, can the borrower still buy points and if so where does it appear on the HUD

Reply by Linda_H/FL on 12/17/11 8:54am
Msg #406878

Points show up on page 2 - lines 801-803..

And I'm guessing yes, some lenders and programs still offer a "buydown" option.

Reply by frances arnone on 12/17/11 12:37pm
Msg #406887

Linda, thanks

Reply by ME/NJ on 12/17/11 11:21am
Msg #406885

Need to watch loan amt

Some banks are capping the discount rate up to 500K after that it will cost another 1% in rate.