GFE for FHA

[Anonymous]

I received pre-approval today from my credit union on an FHA loan for 206K.  My GFE was 12011 and the total cash needed at closing came out to be 15725.  This seems very high to me.  I thought going FHA would be less money up front.  Am I missing something??  I also have to write an explanation for a few late pays in 2004 - is this normal.

[Anonymous]

Bump for the experts.

Maybe you could post more details as well regarding the GFE or HUD?

[BrianB_The_Loan_Professor]

This is not enough to really say

The rate will be needed

In general you have to pay 3.5% for the down thats about half of the total 3.5% for closing costs is not unheard of

But you should have a really good rate to go with it

B

[Anonymous]

Rate is 5.5.  1% origination fee. Payment would be 1650 per month.  I think its the PMI that's raising the payments.  Would I be better off going conventional?  My mid score is 699.

[Anonymous]

---

@Anonymous wrote:
Rate is 5.5.  1% origination fee. Payment would be 1650 per month.  I think its the PMI that's raising the payments.  Would I be better off going conventional?  My mid score is 699.

---

yeah, something does seem off about that.  my lender is offering rates as low as 4.5%...i'm floating though (can't lock until maximum 60 days out from closing -- which is early Oct).  my purchase price was $279K with a $14K DP+closing....