Good Faith Estimate

[Anonymous]

Ok so sorry for al lthe random questions but this is ridiculously stressful. My loan is currently in processing we are just waiting on the appraisal to come through. My question is that on the GFE my payment is estimated at about 1300 dollars with 3k in escrow for property taxes due at closing. The seller (builder) has agreed to pay all clsoing costs on my VA loan. The house was finished in 2014 but no one has ever lived in it. My wife and me budgeted for a 1600 a month payment so my concern is not the difference in payment it's that my loan would be denied if the taxes were calculated wrong or something and I was approved based off of the wrong monthly payment. Is there something different about the property taxes in Texas? I have read some stuff about prorated taxes if you buy before October but I am not sure I understand 100% what that means. Also, I think the property taxes are more like 6k in the area I am trying to buy. Is it normal practice to use a different property tax amount or prorated amount and do an escrow analysis next year? Or even owe the bank because of an esrcow shortage? My agent said that the title company would advise of ways to prepare for any type of change in payment. Any thoughts on this? 

[ezdriver]

Depending on when you take possession of the house, there may be taxes owed. The portion of taxes that will be charged to you will be prorated for the tax period that you will be the owner. There could also be taxes paid in full and some of the paid taxes may be credited to the seller and paid by you. Are you using a real estate agent or attorney? If not, ask the lender to explain what specific portions of property taxes you will pay at closing.