Re: Question on FHA 203k loan...am i getting a bad deal??[ Edited ]
03-29-2012 12:23 PM - edited 03-29-2012 12:39 PM
Most of the better lenders give you the figures along with your pre-approval based on the approval amount and certain assumptions. Those figures are estimates only. They might call the paperwork something like "closing costs worksheet" and it is an itemized estimate of expenses based on the loan amount, and an educated guess for taxes and insurance. I say guess because the actual amount of your real estate taxes and insurance can't be determined until you select a house.
Once you have the house under contract and make official application (you would have provided all your documentation for the pre-approal, but official application is when your loan gets put into the system); then the GFE has to be provided (this is a requirement) within 3 business days. A good lender gives you the GFE immediately (same day) you make application.