GFE? RESPA? Fees? I'm lost!! **Update GFE added**

[CreditGrasshoppa]

This evening I received my loan docs from my broker.  I am doing a 203k Streamline Reno loan.  I am a first time buyer, and all of these numbers and amounts have me quite confused!  I have researched the crap out of this process, and I thought I had a good handle on everything.  And I did, until I opened my RESPA.  I want everyone to take a look at my GFE to see if the figures are in line.  However, when looking at the document, the information that I have the most questions on seems to be on the Truth In Lending Disclosure.  I see lender credits and all kinds of fees, across both documents, and I have no idea what is what at this point!  Can someone guide me as to what I should post for community feedback?  Some of these charges/fees seem high to me.  I would like to pick the brains of those more knowledgeable than myself so that I have valid arguments if I have to push back on my broker.  Thank you in advance for any help you can provide!

[CreditGrasshoppa]

Anyone?  Bueller?    I can post the entire thing, but I don't want to include a bunch of unnecessary info.  If someone could let me know what figures are best to post I would appreciate it.  Thank you!

[StartingOver10]

On your GFE you will see various sections (cc's, pp's etc).  List the description and the amount charged for each one. Make sure to put in your loan type, the purchase price, the loan amount and the rate in addition to the line item charges on the GFE. The reno loans are a little bit more difficult and the rate is a little higher because of the risk associated with these types of loans.

[CreditGrasshoppa]

Thank you StartingOver!  So many pages, I had no idea what I needed to include.  Sorry I took so long to reply, I have had a weekend full of homework and firing people, no bueno!  Not to mention that I just spent 20 minutes typing the entire thing out, and then myFICO randomly logged me out.  Good times!  Any advice or feedback you can offer is appreciated more than you know.  Thank you in advance!

FHA 203K Rehab Loan

Purchase price:  $99,900

Rate:  4.00%

Total loan amount including reno:  $118,658

Adjusted origination charges:  $570.95

Charges for all other settlement servies:  $7369.85

Estimated settlement charges:  $  7940.80

Our origination charge:  $4709.74

You receive a credit of $4138.70 for the interest rate of 4.00%:  -$4138.79

Adjusted origination charge:  $570.95

Required services:  $3065.02

     Appraisal fee:  $450

     Credit report:  $40

     Flood Certification:  $10

     Mortgage Insurance:  $2040.82

     Permits:  $400

     Inspection Fees:  $125

Title services and lender's title insurance:  $1085

Owner's title insurance:  $674.48

Survey:  $185

Government recording charges:  $220

Transfer taxes:  $0.50

Initial deposit for our escrow account:  $984

Daily interest charges $13.003 per day for 15 days:  $195.05

Homeowners insurance:  $960  (I was quoted $1278 by my current carrier, State Farm)

Total estimated settlement charges:  $7940.98

-$999 seller paid closing

-$1000 earnest

Total due at closing:  $5941.98

However, an email from my broker stated this: 

$4,786.27 Total Estimated Funds required to bring to the table including all costs : Lender, Broker, Estimated Title & 1st Year’s Homeowner’s Insurance Premium, as well as Escrow Establishment.  This amount does include application of the 1K EMD & $999 Seller Paid Closing Costs. 

Thank you again for getting through a long read!!!!!

[StartingOver10]

A question I have for you: did you get the bids already to determine the amount needed for the rehab?

I ask that because you are only adding about $18k and not a lot gets done for that amount. Plus the lender will hold out a certain amount of it, 15% if I remember correctly, for contingency reserve. Ask your LO how much is deducted from the construction amount as a reserve for cost over runs.

The other figures seem to be right in line and a 4% rate isn't bad considering you are having rehab work done. The only thing I would caution you about is keep saving just in case there is an unexpected change during the rehab. 

[CreditGrasshoppa]

Thank you soooo much!  I had three contractors do a walk-thru and quote the business.  The home is a Fannie Mae, and they have already done a good chunk of repairs and upgrades.  New appliances (except the fridge), new carpet, new windows, and they replaced the copper piping that someone felt the need to liberate since the house was vacant.  My repairs are mostly cosmetic, such as updating the finished basement, striping and repainting the deck, refinishing the original oak hardwoods. I also have a few small things such as minor roof repair, some minor electrical work on a breaker and some outlets, and repair of the subfloor in the three season room due to a door that was mounted going in instead of out, which led to water rot.  The 203k allows 15% emergency reserve on top of the estimated repairs, and anything not used rolls off the principal of the loan. 

I don't know why but the total amount I need to bring to the table seems high to me.  My realtor and I were thinking closer to $4k or a bit under.  I can make it happen, but I just have to juggle a few things around.  Do you or anyone else see anywhere that I might be able to shave this down just a bit? 

I don't post here much, but I read in the credit form regularly.  Once I started the home buying process, I have been reading everything I can lay my hands on in this board, and absorbing it like a sponge.  Thank you again StartingOver, and to all of you for taking the time to look and help. 

[dsadvct]

Hi there, I know my post is a few months late, but I thought I share my experience as well. I ran into the same problem. I found a source (Honestgfe) that reviewed the numbers on my GFE and explained what I was getting into. Let me tell you, I'm glad I did. Every one should at least get 2 or 3 quotes from brokers to compare and see who is being honest and fair. It was worth the time. You should give it a try in the future. Good luck with