Help with closing cost figure

[Anonymous]

I am planning on purchasing a home in D'Iberville Ms., Harrison County, for 284,900, FHA, pay the 3.5% down which is 9975.00, and I get 1,000.00 credit toward closing, Insurance is est. at 1200/year, tax rate is 0.67, and doing 30 year mortgage. What would you say, or calculate a good estimate on closing total would be ? Thanks in advance.

[StartingOver10]

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@Anonymous wrote:
I am planning on purchasing a home in D'Iberville Ms., Harrison County, for 284,900, FHA, pay the 3.5% down which is 9975.00, and I get 1,000.00 credit toward closing, Insurance is est. at 1200/year, tax rate is 0.67, and doing 30 year mortgage. What would you say, or calculate a good estimate on closing total would be ? Thanks in advance.

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Have your lender provide you a worksheet with an itemized breakdown of expenses. In my area a home in the $285k range runs about $17k to $18k for down payment and closing costs and pre-paid expenses (for a resale - more if it's new).  Your area might be less because your insurance cost is low and we have HOA expenses which you didn't mention at all.  

[Anonymous]

Not sure if have HOA fees, wasn't told, but no sheet, just talk on phone said ballpark 8k for closing but no idea how accurate that is as been told 5-8k by different lenders.

[StartingOver10]

A verbal is useless.  Get an itemized worksheet based on the actual property since you have it already picked out.  If you don't have one picked out, then get a written estimate based on a price you qualify for - and use the prevailing taxes and insurance and HOA, if any.

If you have a contract for a house and don't have a written loan estimate of expenses, you may end up with more than you can afford.  If the LO won't put it in writing, that's a problem.  They  all have worksheets that they can use before they go to an actual LE.