Credit Cards Center Credit cards from our partners
Reply
Highlighted
Valued Member
Posts: 47
Registered: ‎10-02-2007
0

Questions about the final $ amount for clsoing

Received GFE and it says that I need $5600 (and change) to close.  I have already put $1000 in the escrow account for earnest money.  Included in the GFE was $500 escrow padding that I will get back after close, and $350 for inspection.  I called LO and told her I paid for the inspection already and she said that will bring my money to close down by $350.  I have already paid for the appraisal (450) as well. 

So my question is; Is the appraisal and inspection fees part of the 3.5% down required by FHA?  If not I don't understand how my money to close can add up to less than 3.5%....Not complaining Smiley Happy if that's the case, just wondering.

 

Bunny

Valued Contributor
Posts: 1,080
Registered: ‎06-08-2008
0

Re: Questions about the final $ amount for clsoing

[ Edited ]

The GFE is just what it says...Good Faith ESTIMATE.

 

The amount on there is an estimate of what your closing costs will be. Once you get to closing, they will tell you exactly how much to bring to the closing.

 

 

 

So my question is; Is the appraisal and inspection fees part of the 3.5% down required by FHA?  If not I don't understand how my money to close can add up to less than 3.5%..

 

 

 

No, but you need to have 3.5% saved and a bit of a cushion for the "what ifs". We also paid for the inspection & appraisal fees upfront. (out of our savings)

 

Hope that helps.

 


Message Edited by WannaHouse on 07-20-2009 01:12 PM

Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Established Contributor
Posts: 735
Registered: ‎10-21-2007
0

Re: Questions about the final $ amount for clsoing

ALL other fees are SEPARATE from the 3.5% required DOWNPAYMENT


Appraisal, Inspection, Orig. fee, PMI Funding fee ALL separate and are ADDITIONAL to the 3.5% min. required!!

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.