Is your number correct? Is this for a 30 year or 40 year loan? For a 30 year mortgage, P+I @4.625% is $2,291.52. You can get 4.625% w/aimloan.com right now with 1.892 points. If you don’t want to/can’t pay points, then it’s 5.125% w/out points. This is w/ no escrow impound. It’s a little cheaper if you want to impound. So, why do you want to pay 5.5% for FHA when you can get anywhere between 4.625-5.125% w/ the same 10% down going through tradition lending channel?
