Mikemom wrote:On the GFE statement does it include the 3.5% for FHA? Because on my gfe it has 1,932 to bring to closing and my LO did her estimate and she said 4550. That's a big difference.
The GFE does not include the 3.5%, it only estimates the sum of the lender's loan origination fee and other settlement service charges.
Starting Score: EQ 675
jasimae wrote:My loan officer drafted a sample GFE for me and it showed deductions for seller's concession and my downpayment.
Your lender is providing a supplementary calculation sheet which is showing your particular transaction's details and an estimate of cash needed at closing.
The standard form which is called a GFE (Good Faith Estimate) does not list sellers concessions or down payment items, nor does it list items to be credited at closing such as any earnest money you paid with your offer or commitment fees paid to your lender.
Therefore, the GFE is really something you should only use to compare different lenders' origination fees and other fees they may charge you.
The lender may supply a supplementary calculation sheet, mine calls theirs "Here's How Your Numbers Work", that will show a much more accurate estimation of the cash needed at closing.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
