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I was approved for an fha loan.With my disclosures it said over $9,000.00 is estimated to be do at closing.House cost $125,000 and seller is paying $4,000.00 for closing.
We haven't even mentioned the downpayment yet.Does this not seem kind of high? With closing and downpayment we're talking over $13,000.00.
What does the GFE say
We just went into contract...
Offered 280k +6% sellers concession putting it at 296,800.00
16,800 seller is covering
my out of pocket is 2968 at signing plus 1500 first years insurance,
I am prepaying my appraisal and inspector.
my DP is 14,840 =5%
I would have put down more but we have to pay off 2 liens before we close.
I am FHA and my closing cost are 7% of the loan
my LO explained it this way..
One reason closing costs are high is that we have estimate a 6 month escrow for taxes and 3 months for homeowners insurance. So that's
about $3,500 just for one item.
But YMMV
That does seem high, are you sure it doesn't already include 3.5% in down payment? Ours was figured to include the down payment.
I agree with Mike. I went FHA and mine was included too. You should clarify that with your loan officer/broker. Unless you are looking for a higher DP, FHA requires only 3.5 minimum. 5% minimum is more Fannie Mae route...
LO just emailed me and said it would be $10,000 at closing.This includes down payment,sellers $4,000 and my auto loan payoff of $3700.So I just have to pay $6,000
at closing.Someone had told me that the estimated amount do at closing did not include the down payment but, my LO says it does.
The amount due at closing is everything.
My closing costs were like 50k, but most of it was my down payment.
I understand now.I will be so glad when this is over.Still a lot of sleepless night ahead.The appraisal is scheduled for next week,and this can make us or break us.Suppose to close on May 31st and I doubt that will happen.It's a small bank,not one of the big boys so maybe it won't take forever to close.I just want to get it over with
before June.
Our house is $168k with 4% down. We didn't ask the seller for any closing cost but we did take lender closing credit of $3200. We're closing tomorrow and were told to bring a cashier check of $2800. Seem pretty low. I double checked with both my broker and attorney and they both confirmed the amount.
@In-A-Limbo wrote:Our house is $168k with 4% down. We didn't ask the seller for any closing cost but we did take lender closing credit of $3200. We're closing tomorrow and were told to bring a cashier check of $2800. Seem pretty low. I double checked with both my broker and attorney and they both confirmed the amount.
I assume you put earnest money down? That seems very low...4% of $168k is $6,720. The lender credit + your cashier's check is only $6,000, not even enough to cover the down payment let alone any closing costs.