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Does this sound like a reasonable purchase: My wife and I who's credit scores are between 758-791 are buying a new 1500sqft home for $219,847, the original price was $280,000 before the housing decline. The loan is a FHA30yr. fixed with an amount of $215,865 with an interest rate of 5.25%. The closing costs amount to $12,586 with the seller paying $5,000 of the cost. My wife and I are also eligible for the government's first time home buyers tax program.
State/Country relating to Question: Oregon Already Tried: I have asked for advise from friends and neighbors but this is my first home and I am uneasy.
Sounds like a great deal to me. The interest rate is very competitive and it seems that you are getting a good deal on the purchase price, especially with the clsoing costs and first time rebate.
Attorney
Actively practicing trial attorney