Knowing that you are purchasing a house for $400,000 in Levittown, with 10% down, I am going to say that the $15,000 is definitely on target. With 10% down, I believe that the banks will not allow you to waive escrows, so I generally add 6 months worth of taxes in my good faith estimates.
On the FHA estimate, there are 2 things that you have to look for. If the $27,000 number includes the 1.75% up-front funding fee, you should not look at that as an amount needed to close because it actually gets added to your loan amount rather than being charged as a closing cost. Aside from that, without taking out my calculator, that person is probably also charging you points, which will be called either an origination fee, a discount fee, or a broker fee on your estimate. You also may want to verify the title insurance with your attorney, because the BOA estimate may not include the full cost, but rather only what the bank requires. No attorney would let you walk away from a closing table without a title policy for yourself.
I would be happy to work up a good faith estimate for you, and compare them to the ones that you have. The importance of having an accurate estimate is so that you have the correct amount of money at closing.
Please feel free to call me at 516-972-1687 and I will help you out.

Robin Silverberg
Senior Loan Officer
Preferred Empire Mortgage

Hi Cielo

In addition to all those answers below, also check the pre-paid taxes section. With a conventional loan, you have a choice as to pay taxes, you can have escrow for taxes, mortgage, insurance and interest or your can decide to pay taxes and insurance by yourself when they are due. If you choose to pay your taxes by yourself, the amount of pre-paid taxes is minimium on your estimate. But if you go with FHA, the taxes have to part of the escrow and you have to pre-pay few months of taxes. Like David said, get a Good Faith Estimate from both places and compare each line, and you will be able to find your difference.
Should you have additional questions, you can e-mail me at any time.

Barbara
Realtor@BarbaraNowak.com http://www.BarbaraNowak.com

That a good question and deserves a straight answer. I would check with http://www.fhaloanagent.com

Make sure you are comparing the same products, Are they both 3o year fixed. one is fha and one is conventional so ask BOA for an FHA quote and ask the broker for a conventional quote.Then compare the conventioanal together and the FHA together. After that pick what type of product you like and ask for a GFE from both of them without letting them pull your credit. Make sure both GFE's have some charges on there, Show the GFE's to the other Broker/loan officer and let them compete for your business.

I was just blogging about FHA today, check it out here: http://www.trulia.com/blog/david_chamberlain/2009/07/fha_loans

Also you can ask the broker if they use BOA, sometimes the Broker can get you the same product for less.

Good luck

The problem I have seen over the years is that no matter how many banks and mortgage brokers you go to, no one reports the costs in the same way. I personally find this very disturbing and have recently had a buyer who spent over 4 weeks learning the business to understand it sufficiently enough to make sure he was getting the best deal.

I have never closed deal with FHA, but with conventional loans, be prepared with 4-5% of purchase price to close with and hopefully leave the closing table with $ still in your pocket.

If you would like the names/numbers of some pretty dependable brokers, I would be happy to provide. Like me, they prefer to educate rather than stampede with the deal. I can be reached at Gail@GailGladstone.com.

You have to visit more than one qualified loan officer and keep track of the numbers--then decide what's best for you.

Anna

You need complete a spread sheet compare apples to apples off quotes provided. That will give you answers or show each broker documents provided request for them compare and explain.

GREAT QUESTION you have valid concerns

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