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Estimated amount due at closing?

Contributor

Estimated amount due at closing?

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.



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Message 1 of 20
19 REPLIES
Valued Contributor

Re: Estimated amount due at closing?

What does the GFE say

Message 2 of 20
Established Contributor

Re: Estimated amount due at closing?

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

 

 

building since 2011 Wallet:ME: Walmart 3k;Barclays Rewards 10k, Venture 18k; Slate 5k; Freedom 10k; overstock 4.8k, SGV2.5k; WEMC 20k 1.5 Rewards, Gamestop 1.2k, Fingerhut 3k; 2 NMAC Leases , VS 1.75k, BH 1.62k, Express 1.6k, Avenue 1.75k, JCrew 5k, HSN 1.47k, Torrid 1.55k, Roamans 1.4k, Jessica London 1.54k, kings direct 1.7k, Buckle 1.4k, WW 1.65k, ........ baddies:Fed Tax Lien
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Message 3 of 20
Valued Contributor

Re: Estimated amount due at closing?

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.

Message 4 of 20
Valued Member

Re: Estimated amount due at closing?

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...


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Message 5 of 20
Contributor

Re: Estimated amount due at closing?

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.



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Message 6 of 20
Valued Contributor

Re: Estimated amount due at closing?

The amount due at closing is everything.

 

My closing costs were like 50k, but most of it was my down payment.

Message 7 of 20
Contributor

Re: Estimated amount due at closing?

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.



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Message 8 of 20
Valued Member

Re: Estimated amount due at closing?

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.

Message 9 of 20
Valued Contributor

Re: Estimated amount due at closing?


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.

Message 10 of 20