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how much closing cost I am expecting ?

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Anonymous
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how much closing cost I am expecting ?

It's good to be back here... I am in the process of underwriter's review for  an FHA loan , sale price of $130k condo in NJ. I was approved for a d/p assistance of $7500 and already deposited $2000, per contract the seller will credit $500 for minor repairs and I already paid for the appraisal for $425 and appraised for $131k.. Hope will turn out positive as far as approval of the loan is concern... My middle score is 634 ...please pray for me... I would like to thank everyone who inspire me to reach this goal ! hope nothing will come out negative. How much do you think I still need to bring on the table?? Thanks, you're input is greatly appreciated.

Message 1 of 8
7 REPLIES 7
Anonymous
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Re: how much closing cost I am expecting ?

anyone ....please.

 

Thanks!

Message 2 of 8
krielly
Established Contributor

Re: how much closing cost I am expecting ?

Hasn't your lender provided you with a Good Faith Estimate of closing costs? That came before our approval...........and way before the appraisal was ordered.


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 3 of 8
Anonymous
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Re: how much closing cost I am expecting ?

Thanks Krielly for responding.. I appreciate it. Well, yes I got the GFE and the total "Initial settlement charges" is $11171.00. My LO said it could be higher or lower at closing but most of the time lower. But my question is ; assuming this is the total $11171.00, I will be getting the $7500 dp assistance, I already paid $2000 deposit, paid $425 for the appraisal and the seller will give me $500 credit for the minor repair. How much money I should still bring to the closing? and does this amount ($11K) should include the supposed to be 3.5% fha dp requirement.? I am just anxious to know. Your all input will be appreacited.

 

Thanks!

Message 4 of 8
Anonymous
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Re: how much closing cost I am expecting ?

From what I have read, the 11+K would include your 2K earnest money and the 7500 down payment.  I could be wrong, but my guess is that you would owe that 11K, minus the 9500 DP and deposit.  So roughly 2K at closing.  I would verify that with the lender to make sure that it is accurate.

 

Message 5 of 8
Anonymous
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Re: how much closing cost I am expecting ?

Thanks so much mickie08.. that is my understanding as well but i could be wrong too. I will appreciate more input... thanks again mickie08!

Message 6 of 8
Anonymous
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Re: how much closing cost I am expecting ?

Can someone explain this to me please... When I signed the contract I need to pay $500 ist deposit and then after A/R $1500, which I already did. Now on the contract it also says the balance on the purchase price will be paid at closing and on the line next to it is $4500 (will this be part of my down payment) a little confused. Now I got this explaination below: I am still confuse on the $4500 that he said put back to bring to closing, will this amount be covered by my $7500 dp assistance that in actuality i will only bring at least 2k on my own pocket since the check of $7500 is at my ATTY.'s trust account??

 

So: on the Federal Truth-In-Lending-Disclosure - Itemization of Amount Financed, at the bottom, it totals the closing costs to be $11,821.09.  That includes the FHA Funding Fee, line 902, of $2778.78, which gets put into the loan automatically.  So subtract that from the $11,821.09 and you get $9042.31.  Subtract your DPA of $7,500 and you get $1542.31 to bring to closing.  But, again, you have to add back in the rest of your down payment of $4500 and you get $6042.31 to bring to closing.  You paid for the appraisal, which should lower it to $5617.31.  Again, those costs are estimated high, so it should be less than that as well.  Remember the costs would be even less, but you put your Insurance into your closing costs, and most people pay for it and have lower closing costs (which would have probably brought you under $5000). 

 

Your input will greatly appreciated..

Message 7 of 8
Anonymous
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Re: how much closing cost I am expecting - Please explain..CONFUSED!

Anyone please ....Smiley Sad

Message 8 of 8
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