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How Much Should Closing Cost Be on a $400K Home With 60k Down?

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TheGardner
Valued Contributor

Re: How Much Should Closing Cost Be on a $400K Home With 60k Down?

If you are looking at true closing costs (not origination fees, inspection etc only) but tax and insurance escrow too you will need to shop a bit as this will vary wildly around the country. FL has high insurance as does most of the Gulf Coast states where Nevada will likely have much lower rates. Your loan officer will likely give you a much higher closing costs estimate but that is your cap.
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Message 11 of 12
ezdriver
Senior Contributor

Re: How Much Should Closing Cost Be on a $400K Home With 60k Down?

As a national homebuilder, we now give a flat $7,000 amount as contribution to closing costs.

 

We used to give "up to" 3% ... but do not include prepaids. Buyers quibbled about leftover funds that they felt should be given to them in the form of a check. Too many arguments led to a the now current flat fee.

Message 12 of 12
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