how much cash will I need for closing?

[Anonymous]

Hi I am trying to put together how much cash I will need to purchase using an FHA loan. Can anyone help? I know its 3.5% down- but I am unclear on closing costs. I have heard 6% or more, but have done a little searching on the internet and it looks more like 3-5% might be the norm. I do know that closing costs can be nogotiated with the seller. I will probably be looking for a house in the 150,000 range. Thanks!

[Lel]

Closing costs can vary depending on the various fees and other local factors.  Your best source for this information would be local FHA lender.

[Anonymous]

It varies so it'll be hard to figure an exact amount until you have a specific property in mind but you lender can give you a really good estimate once you have a property in mind. I highly recommend getting this number from your lender prior to putting in an offer so you'll know a dollar amount to ask the sellers to pay in closing costs.

Our total downpayment and closing costs amount is about $15,000 on a $210,000 property ($3400 annual taxes). Up front we paid $1000 earnest money when we put in the offer, $250 for the home inspection, $375 for the appraisal, and $497 for a year's home owners insurance all of which were deducted from our total closing cost amount. We got the sellers to pay $3000 in closing costs and $10,000 from a downpayment assistance program, so we will be going to closing in 12 days with a check for $389.

[Paxx]

We will be closing in a couple weeks and our total cost will be around $11k on a $121k house on an FHA loan.  We're paying our own closing costs however because I don't want to be paying them for the next 30 years with interest.

[entmike]

We have a contract to purchase a property at $208,500 as FHA, and based on our loan so far, the estimate for us to bring to closing is approximately $8,500.  This includes the down payment.  The sellers are being required to satisfy the remaining closing cost per contract of the amount of $7,000.  These are state of TN figures, so the rules might be different elsewhere, but figured I'd throw my figures in, might give you a good estimate.

[ShanetheMortgageMan]

Jenna, what state are you buying in?