sunnysideup asked: I feel a little taken avantage of. Hubby and I qualified for a $100,000 loan in Ohio (FHA loan). We are first time home owners and feel that we got the raw end of the deal. The loan itself is nice. We bought our house for $96,900. We didn’t put down a deposit on it, the lady that we bought the house from put down One Thousand and something dollars. We have a fixed intrest rate of 5.9%. Well they have also added on a second mortage for the downpayment that we didn’t put down. (I think that is what the 2nd mortgage is for) It was almost $4000, with a 7.9 fixed intrest rate. I am really confused (BTW, we have lived in our house over a year now), isn’t it like this : we bought our house for 96,900 (lady put in an extra thousand something)…but have a 2nd mortgage of around $4000. It is like we have spent $100,900 on our house??? This is probaby confusing, but I don’t want to sound silly calling up our bank and asking them. If someone can make sense of this to me…
I hope it makes sense!
Jeffrey
