Closing costs, appraisal fee, and 50 yr. loan?

[moneytree]

We are going thru another lender since our last lender turned 'bit*chy' on us. lol

She wanted us to come to closing with roughly $5200. Yeah right. If we had that, the trustee would have it. Plus, she was adament about us paying the $500 in the appraisal fee up front, because she's been "burned too many times".

Are we being unrealistic to find a lender who will put ALL closing costs into the loan and also include the appraisal fee? Plus, we want our $1000 dep. back. And we want the association fees included (1st yr) into the loan.

And is there such a thing as a 50 yr. non-conforming loan/fixed?
Assuming all non-conforming loans have the pre-payment penalty, how long is that usually for (2 yrs?). In our state, it's against the law to have a pre-payment penalty on the 2nd loan.

If we wait 2 yrs. post-bk, will we be able to get a loan without a pre-payment penalty?

What is a good rate for a 50 yr. loan/fixed, right out of BK? Mid-score is in the lower to mid 600's.

Thanks

[HHM]

Yes, you are being optimistic that any main line lender will impound ALL fees into the loan. Also, don't do a 50 year. (A fifty year loan on a house is like a 72 month loan on a car, unless the real estate market turn red hot, you will always be a little upside down on the house, and given that you are trying to do this with no out pocket expenses...just forget it).

Get yourself 2 years from your discharge and try for more conventional loans.

[MTG_BANKER_OH]

We are going thru another lender since our last lender turned 'bit*chy' on us. lol

She wanted us to come to closing with roughly $5200. Yeah right. If we had that, the trustee would have it. Plus, she was adament about us paying the $500 in the appraisal fee up front, because she's been "burned too many times".

Are we being unrealistic to find a lender who will put ALL closing costs into the loan and also include the appraisal fee? Plus, we want our $1000 dep. back. And we want the association fees included (1st yr) into the loan.

And is there such a thing as a 50 yr. non-conforming loan/fixed?
Assuming all non-conforming loans have the pre-payment penalty, how long is that usually for (2 yrs?). In our state, it's against the law to have a pre-payment penalty on the 2nd loan.

If we wait 2 yrs. post-bk, will we be able to get a loan without a pre-payment penalty?

What is a good rate for a 50 yr. loan/fixed, right out of BK? Mid-score is in the lower to mid 600's.

Thanks

Unfortunately you probably will not be able to roll in the closing costs into your loan. Typically you either have to pay them out of your pocket, or have the seller pay them. There are a few programs where you can do that but your credit usually has to be pretty good like over 680, or you will pay some very high rate just to have your costs rolled in to the loan. Can you ask the seller to up the price to include some more costs? You are also going to have problems getting the associacion fee included in the loan as well. If you are very close to the 2 year mark you shoud wait you could probably save some money per month, it does not seem you are ready to buy the home. What state are you in? The subprime market is tightening up and it is tough to get a decent rate in that market anymore. A 50 year loan you would probably be looking at rates in teh 8's-to low 9's for 1 loan aws compared to the 6's otherwise. You really need to talk with a mortgage person who has your best interest in mind not just closing your loan and charging you outrageous fees.