Just delivered a gut punch that has me on the verge of quitting...

[Anonymous]

That isn't as bad as it sounds (correct me pros, if I'm wrong). The way I read that is your total "cash at close" INCLUDES your down payment amount (ie why your loan is less than your purchase price) and does not account for any seller concessions (it says $0.00 on that line item). Note, that it looks like they are estimating you at an almost 7k down payment or 90/10 conventional loan.  Didn't you say you were gettnig a 95/5 loan? They need to fix that... 

After that is done, ask for a new GFE with the seller's concessions listed and ask them to confirm $3500 of your costs at close includes your down payment (or whatever % you agree to).

[Anonymous]

Thank you guys.

I have been contacting my Realtor and she suggested using a local credit union.

The great thing about this union is that is part of a "Recent Grad" program that will offer 2.5% of the house cost (so $1,750 in this case) in the form of a grant that does not need to be repaid as long as you stay in the state for 5 years.

I worry about timing though if the loan is set to close by EOM June.

[Anonymous]

If you have a month, you SHOULD be fine to seek out other lenders. Just make sure you find someone that communicates with you and that you respond to them right away with whatever they request.

It shouldn't be, but home buying is so incredibly stressful. Working with people you trust makes the experience so much better.  Good luck with the CU!

[Anonymous]

That GFE is wrong. The 3% seller contribution needs to be subtracted and so does the earnest money deposit. Tell your lender to fix it, then see what the numbers look like.

[Anonymous]

The GFE won't show the seller paid closing costs or earnest money. The GFW will only shows costs and any credit given for interest rate chosen.

Keep in mind you will have to include money for your initial escrow deposit which will include 2 month of property taxes and your first year's premium of home owners insurance.

Edit: Missed the picture posted. Other factors, $1,190 is a lot for lender fee's. Owner's Title Policy should be paid by the seller and not cosidered to be a part of the 3% I would imagine.

[dccordell]

Unless I'm reading it wrong, it looks like the down payment is correct at 5%. 

Purchase price: 67000

Loan Amount: 63650

Difference: 3350 = 5% of the loan <-- YOU PAY

Seller: 2010 = 3% provided by seller

Remaining: 2291 = closing costs / prepaids <-- YOU PAY

3350(you) + 2010(seller) + 2291(you) = 7651 as indicated on your form

So, looks like you're out of pocket is around $5641 (minus whatever you gave as earnest money), including your down payment and remaining of closing costs/prepaids after sell contribution.

Of your total closing costs / prepaids after down payment ($4301), $1458 is prepaids (no wiggle room there), so you have $2843 going toward everything else at the bank.

Of that, $1199 is your lender fees, and that is where you might be able to get a better deal somewhere else.

Hope that wasn't too confusing, but it should clear things up a little bit.. I hope. Somebody correct me if I'm reading it wrong, as that is actually the first time I've seen one.

[Anonymous]

OP posted that his purchase price is 70k.