Home Buying in 44223>Question Details

Bmac45, Home Buyer in 44223

I am buying a foreclosed home... home much money should I expect to pay in cash to close money? Are the fees negotiable for the FHA loan?

Asked by Bmac45, 44223 Sat Jan 1, 2011

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Down payment for FHA is 3.5% and closing costs should be around 3% of purchase price. You indicated this is an FHA203K loan, perhaps that is the reason for additional fees, but it still seems high to me. Speak with your agent in regards to the extension, as I am not representing you. I do know that as long as you close on time, the seller "the bank" does not care where the loan comes from....all they care about is closing on time. Keep in mind there is most likely a per diem of $50-$100 a day charged by the seller if you do not close on time. Best of Luck to you!
0 votes Thank Flag Link Sun Jan 2, 2011
Do you suggest we ask for extension and check some where else to compare?
0 votes Thank Flag Link Sat Jan 1, 2011
It was actually 995 and he just said fees like underwriting. He said a few others but not sure. Do you know the average cash to close range and does this include our down payment? This is the one question we forgot to ask but I believe at one point he said it did! Thank you so much for your help!
0 votes Thank Flag Link Sat Jan 1, 2011
What is the $1000 fee for? How far into the loan process are you?
0 votes Thank Flag Link Sat Jan 1, 2011
Talked with lender. He said fha loan was 1 percent plus 1000 fee. I asked if I would get same response from anywhere I would go for loan he said yes. When we asked our agent he said we could get another gfe from someone but since it is past the 5 day period he is worried bank won't accept another loan.
0 votes Thank Flag Link Sat Jan 1, 2011
Loan origination should only be 1%...not 2%...that is not typical for many of the lenders I use!
0 votes Thank Flag Link Sat Jan 1, 2011
Yeah...that seems high! Your agent could have drafted an addenum requesting additional time to get the loan due to a delay in paperwork. Call your lender and ask questions! Make sure you understand the figures. If you are not comfortable, ask for additional time now to get quotes from other lenders. Good Luck!!
0 votes Thank Flag Link Sat Jan 1, 2011
We went over the gfe and it looks like it is about 11000. Is this high? We had 5 days to get loan but our agent didn't receive paperwork so we really had a day to get loan. Origination fee of 2600 on 133000 fha loan. Rate of 5.25 on 203k with perfect credit.
0 votes Thank Flag Link Sat Jan 1, 2011
I have a vast knowledge in forclosed home purchases, right here in Cuyahoga Falls. If the property is Fannie Mae owned (FNMA) then you are responsible for all of the closing costs, not the traditional 1/2 split. If you are already under contract, refer to the bank addendum that you signed to see what closing costs you are responisible for. Your realtor should have gone over this information with you. Get in touch with your realtor or your lender and have them get you some firmer numbers. Also, the lender is required to supply you with a truth in lending document, giving you a breakdown of all costs associated with the loan. Good Luck!
0 votes Thank Flag Link Sat Jan 1, 2011
You need direct all these questions to your mortgage broker many factors come into play determine your closing costs and virtual answer not to your benefit.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Jan 1, 2011
3.5% of the purchase price for your downpayment, 1-3K in closing costs, 1-2.5K in escrows. The fees may be somewhat negotiable, at least the ones with the lender.
0 votes Thank Flag Link Sat Jan 1, 2011
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