Financing in Brooklyn>Question Details

Rhayward, Home Buyer in Brooklyn, NY

What types of closing costs are connected with FHA insured loans?

Asked by Rhayward, Brooklyn, NY Mon Mar 11, 2013

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In addition to the answer below, you will also have mortgage tax; both NY City and State.
Title insurance in addition to title search and recording fees.
Closing costs on an FHA loan are a bigger percent of purchase price than a conventional loan.
I know; strange considering that they are suppossed to help people with lower down payments!
If there is any way to raise a bit more cash towards a downpayment, you will actualy save a lot of money.
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600

P.S Take money from your retirement funds, towards a downpayment on your home, without penalty on your retirement funds.
0 votes Thank Flag Link Mon Mar 11, 2013
Rhayward, you can save 1000s on your closing cost under our exclusive Mortgage for Champions program, which waives all lender/bank fees. No points, application, underwriting or other bank fees. This program is compatible with FHA and Conventional loans. For more information or assistance, please contact me directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback. Please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
0 votes Thank Flag Link Mon Mar 11, 2013
With any home loan in general, you'll have two main types of closing costs. One is lender related and the other is title related closing costs. These cover bank fees, appraisal, title insurance, recording charges, etc.

With an FHA mortgage, you also have what's called an Upfront Mortgage Insurance Premium, which equals 1.75% of the loan amount. This is typically included in the total financed amount.

I strongly suggest you meet face-to-face with a Loan Officer and get pre-approved. Your Loan Officer can also provide a Good Faith Estimate which will breakdown all the estimated closing costs involved in your purchase. I'm always available to meet in our Brooklyn offices. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Mon Mar 11, 2013
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