First of all, I do plan on calling my LO later to get clarification, but she's not going to be in till later so thought I'd vent here as usual, lol.
I am closing Tuesday, and I still don't know the excact amount I need to bring. They said I'd know by tomorrow at the latest, but I want to know NOW 
I have my GFE, but that came way back when I applied, and we all know thats just a rough estimate. And besides its very confusing to read. I am NOT a numbers person so it all just makes my brain hurt.
I emailed my LO about it yesterday, and she said until she has the final paperwork from the title company she could only give me a rough estimate, that I should need to bring about $1300 to closing, make sure its a cashiers check, blah blah blah.
What I'm concerned about is, did she mean $1300 in addition to my down payment? Or $1300 total?? If I pay the 3.5% down that FHA requires, that totals around $1600. So I don't see how $1300 is all I would need to bring. But then again, the sellers are paying $2000 towards closing, and I put down $500 earnest money, and when I paid my $350 app fee she said I'd get credited for that on my closing costs, so maybe with all that it does bring my total down to only $1300. If so thats great, I just think it sounds too good to be true.
If I DO have to pay $1300 closing costs PLUS $1600 down, its gonna be tight. Do-able, but very tight.
I guess I'll just have to keep stressing until she comes into the office later.
You are right about the closing costs being confusing. You would think the LO could tell you to the penny, but they can't.
The Title company puts together the HUD1, which is also called the closing statement. It will be 3 pages: 1st page is a summary of the expenses and the net amount you are to bring; second page is an itemization of your expenses and 3rd page is the comparison between your GFE and the actual closing statement. The LO has to have disclosed to you accurate figures so that is where you can see exactly how accurate your LO has been.
It is best to wait for the title company figures. You will get a credit from the seller for the real estate taxes pro-rated to the date of closing, you get the credit for anything you have already paid out like the appraisal or application fee and homeowners insurance, if you have paid it.
The title company should have the figures for you at least 24 hrs in advance. You can ask them to do a preliminary now for you so you have a better idea. But understand that the preliminary is subject to change until the bank approves a final HUD.
BTW, Congratulations on your new home! Tuesday will be here before you know it
We received a "Cash-to-Close" Summary. Did you get that along with your GFE? The builder is paying $8000 of our closing costs and prepaids, which leaves us with about $400 due at closing.
Don't forget the interest that you will have to pay on the loan, which would be for the remaining days in January. I'm sure your GFE estimated this based on your estimated closing date. If you close before your estimated closing date, you will need to pay a little more interest at closing and if you close a little after your estimated closing date, you will need to pay a little less. Your first mortgage payment will be due in March and covers principal and interest for Feb as they are paid in arrears.
Don't forget the interest that you will have to pay on the loan, which would be for the remaining days in January. I'm sure your GFE estimated this based on your estimated closing date. If you close before your estimated closing date, you will need to pay a little more interest at closing and if you close a little after your estimated closing date, you will need to pay a little less. Your first mortgage payment will be due in March and covers principal and interest for Feb as they are paid in arrears.
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What is your estimated closing date on your Cash-to-Close Summary?
Okay so since you are closing on Tuesday which way after 1/5, you don't have to pay as much upfront interest. Your Cash-to-Close Summary included interest from 1/6 to 1/31, now you only have to pay interest from Wed to 1/31...this is one reason your amount due at closing will be lower. Our downpayment is being rolled into a 2nd mortgage so I am not sure how that affects your cash to close summary as I don't know if it is just closing costs or both.
But I have a feeling the down would be included. So $1600 down minus your earnest money is $1100 and if the seller is paying $2000 in closing costs and with the reduced upfront interest, $1300 sounds about right to me! 