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So just to make sure I understand what is going on here. My total out of pocket on this is going to be 3177.62?Or is it going to be something else and I just dont understand what I am looking at....
Interest Rate | 3.125% |
Annual Percentage Rate | 3.733% |
Loan Amount | $120,946 |
Points | 1.250 / $1,512 |
Settlement Costs | $6,773.22 |
Down Payment | $0.00 |
Third-Party Fees | $751.80 |
Lender Fees | $2,642.37 |
VA Funding Fee | $2,545.60 |
Prepaids and Escrow | $1,183.45 |
Credits to Closing Costs | Minus($1,350.00) |
Cash Due at Closing | $3,177.62 |
I already have $1000 in escrow for earnest money and the VA funding fee is being rolled into the loan.
Appreciate the help.
That cash-to-close amount includes any money sitting in escrow ... such as you earnest money deposit. Other than that, you got a good handle on it.
Yeah what you were provided doesn't make a ton of sense. A GFE never tells you how much you need to bring in at closing either, so not sure what exact form you got those figures from.
Since VA is 100% financing then you would just need to bring in your settlement costs minus your $1k EMD & any seller credit (is that the $1,350 you listed?).
So based on this information your settlement costs are $6,773.22. Does that include the VA funding fee or not? Are the points included in the $2,642.37 in lender fees or are they additional? I have a feeling that the VA funding fee is included in the settlement cost figure, because if you take $6,773.22 minus $2,545.60 then you get $4,227.62 ... which is $1,050 away from what you owe at closing. Minus your $1k EMD and you are only $50 off.
It clearly says cash due at closing $3,177.62 but the numbers are a little tough to read on how it arrives at that figure.
@ShanetheMortgageMan wrote:Yeah what you were provided doesn't make a ton of sense. A GFE never tells you how much you need to bring in at closing either, so not sure what exact form you got those figures from. This is what the bank called a GFE when filling out the loan app
Since VA is 100% financing then you would just need to bring in your settlement costs minus your $1k EMD & any seller credit (is that the $1,350 you listed?). Yes that is what the 1350 is for
So based on this information your settlement costs are $6,773.22. Does that include the VA funding fee or not? Are the points included in the $2,642.37 in lender fees or are they additional? I have a feeling that the VA funding fee is included in the settlement cost figure, because if you take $6,773.22 minus $2,545.60 then you get $4,227.62 ... which is $1,050 away from what you owe at closing. Minus your $1k EMD and you are only $50 off. Yes this 6773.22 does including the VA funding fee
It clearly says cash due at closing $3,177.62 but the numbers are a little tough to read on how it arrives at that figure. And that is why I was asking the question I was doing the math and confused how it was getting there and thus started questioning what I though I knew about what was going on.
You guys seem to have worked through it the same way I had. The numbers not adding up was what confused me and had me questioning it. Appreciate the help breaking it down.
OP, here is the very specific required form for a GFE as of 2010.
If the form you have doesn't look like the one in the link, then it is not a GFE. Many, if not all, lenders have a 'worksheet type' form they use until you make offical application. Then they have to supply you an official GFE.
Go back to the LO and get an explanation for the numbers that don't add up. Could be just an error.