Good Faith Estimate

[joy1979]

I have received my Good Faith Estimate but don't quite understand it.  The total estimated settlement charges are $8,171.86. The homes purchase price is $76,000 plus POS 203K estimate is $10,084. Which brings the total sale price of the home to $86,084 or so I thought. On the GFE the bank has the loan as $85,855.40. The seller (BOA) has agreed to pay 3% or 2280 towards the closing cost. My question is does the bank factor the downpayment and closing cost into the GFE numbers. There doesn't seem to be a line on mine that indicates they have. I did put in a call to my LO but haven't heard bank from him yet. I'm getting anxious because we're less than a week away from closing. Thanks for your help. 

[BrianB_The_Loan_Professor]

The NEW GFE is horrible - - you should have also received an itemization of costs - that should break it all down for you.

Also the GFE will not take out the credit so it looks like you are paying for everything.

B

[BrianB_The_Loan_Professor]

http://ficoforums.myfico.com/t5/Mortgage-Loans/Understanding-the-New-2010-Good-Faith-Estimate/td-p/7...

Shane does a great job of breaking it all down if all you have is the GFE

[joy1979]

Thanks a lot BrianB!

[Anonymous]

I had asked the seller to pay $9,000 in closing costs, but they countered with saying they'd pay 2%.  Where and how would this change be reflected in a GFE?