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.
Kathryn Lilly, Broker
Realty on the Greene, LLC
P.S Take money from your retirement funds, towards a downpayment on your home, without penalty on your retirement funds.
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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
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!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797