Almost $10K Closing Costs - USDA

[Anonymous]

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@Anonymous wrote:

My closing cost was a negative $185.  I got money back plus an additional $620 for using a particular Realtor.    Also, when purchasing a condo you have to factor in the monthly HOA fees.  

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This is a single family home, but HOA fees are in the costs mentioned. What type of loan did you use?

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@cem13 wrote:

Agreed.

The loan origination fee is off the hook.  The UW fees are high too but not out of line.

Why you no like FHA?

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Is the origination fee high for USDA? I didn't go with FHA because my payment would be higher, and I needed a $7000 down payment for a higher payment.

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@StartingOver10 wrote:

Origination fee is high and rate is slightly high too. Agree with the others you probably want to shop your lender and/or loan type.

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I know the rate is high. I'm giving them a chance to offer me a lower rate and lock it before I make a complaint about that. I'll shop other lenders, but I'll loose almost $5k in incentives. Thanks for all of the answers and replies!

I'll keep everyone posted on how it looks!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

My closing cost was a negative $185.  I got money back plus an additional $620 for using a particular Realtor.    Also, when purchasing a condo you have to factor in the monthly HOA fees.  

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This is a single family home, but HOA fees are in the costs mentioned. What type of loan did you use?

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i got a 30 year Conventional Loan

[StartingOver10]

If you are getting $5k in incentives, then that is why your rate and your closing costs seem a little bit high. They get the funds for the incentives (even if this is a new build) by bumping up the rate.

You can refinance down the road if it makes sense for you to do so.  Don't stress over 1/4 point when you are getting $5k in incentives.

[Anonymous]

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@StartingOver10 wrote:

If you are getting $5k in incentives, then that is why your rate and your closing costs seem a little bit high. They get the funds for the incentives (even if this is a new build) by bumping up the rate.

You can refinance down the road if it makes sense for you to do so.  Don't stress over 1/4 point when you are getting $5k in incentives.

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THanks for the insight. I'm still going to ask for a better rate, and lower closing. Never know until you ask, right?

I'll keep everyone posted. My closing date is scheduled for April 15th, with a possible extension to April 30th (In contract - We have a lot of changes to base floorplan, they don't know exact time tables).

Thanks again!