Does the good faith estimate include the down payment? Please help!!!!

[Chbraswell]

I am trying to see how much I need to bring to the table, and I'm freaking out trying to count how much i need to add.  But I don't understand why the down payment wouldnt  be on the GFE, maybe I am missing something. I would think it would encompass all fees Please Help!!!

[Celle31]

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@Chbraswell wrote:

I am trying to see how much I need to bring to the table, and I'm freaking out trying to count how much i need to add.  But I don't understand why the down payment wouldnt  be on the GFE, maybe I am missing something. I would think it would encompass all fees Please Help!!!

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My GFE showed all the money I needed to bring to closing. 

Before you get your GFE, your down payment should have already been calculated into the loan. 

Ex. I'm buying a house for $199,900. My loan amount is $196,000 and  something. So... they took out the down payment which is close to $7000 (3.5%), subtracted my EMD and then added the UFMI which was 3300 something (using FHA) which equaled to the $196,000 and something.

Under your documents, you should have something called transaction (that's what I have) right under my credit report and it broke everything down!

So basically your down payment should have already been subtracted from your loan amount before you received your GFE and is included even though it may not say down payment!

[ShanetheMortgageMan]

Hmmm, I wrote a response to this, even saw it was posted, but when I hit refresh it was deleted.

Anyway, I was saying that the GFE does not show your down payment.  The GFE just shows the interest rate, loan terms & the fees.  http://ficoforums.myfico.com/t5/Mortgage-Loans/Understanding-the-New-2010-Good-Faith-Estimate/m-p/73... is a post I made ~4 years ago that explains the GFE in detail.

The down payment is the difference between the base loan amount & the sales price (unless the appraisal comes in lower than than the sales price, then that changes things).  The "funds to close" can be found within the "details of transaction" which is usually found on page 4 of the loan application.  Most lenders are including a "fee worksheet" that breaks down the fees on the GFE, the funds to close, and the proposed housing payment.  I suspect that is probably what Celle31 is referring to.

[ShanetheMortgageMan]

Hmmm, I wrote a response to this, even saw it was posted, but when I hit refresh it was deleted.  OK this is my 3rd attempt.

Anyway, I was saying that the GFE does not show your down payment.  The GFE just shows the interest rate, loan terms & the fees.  http://ficoforums.myfico.com/t5/Mortgage-Loans/Understanding-the-New-2010-Good-Faith-Estimate/m-p/73... is a post I made ~4 years ago that explains the GFE in detail.

The down payment is the difference between the base loan amount & the sales price (unless the appraisal comes in lower than than the sales price, then that changes things).  The "funds to close" can be found within the "details of transaction" which is usually found on page 4 of the loan application.  Most lenders are including a "fee worksheet" that breaks down the fees on the GFE, the funds to close, and the proposed housing payment.

[Chbraswell]

Thank you guys so much! i was so confused!!