If you are speaking of the funds due at closing, your Good Faith Estimate is just what it says.....an estimate. The taxes could be higher or they may escrow more than your loan officer estimated which will increase the funds you need to bring to the closing. There may be a 2 mos. initiation fee from your Home Owner's Association or Condo Association. Without seeing the GFE it is difficult to say. The best things for you to do is ask for an explanation from your lender.
Congratulations! I wish you well with your upcoming closing.
Aleta C. Saunders
Your downpayment is a small part of the overall structureof your mortgage.
We measure the "loan amount" as a percentage part of the "total sales price."
So do you have an "FHA Loan" with a 96.5% '"loan to value" percentage? if so, then you have a 3.5% downpayment.
Do you have a 95%, or an 80% loan to value mortgage? If so, then, etc. etc. etc.
Are you getting some form of downpayment assistance?
Figure all of this out with your lender and do the math.
Please contact your Home Mortgage Consultant for detail explanation but:
First, down payment is a percentage of the sales price. Did you buy a more expensive property than as you were supposed to buy?
Do you mean $1,200 higher than Good Faith Estimate? As its name, it is an estimate.
How long ago was the estimate given to you?
Are you looking at the HUD -1 from the title company?
Anyway, please contact your Mortgage consultant company, they will explain the difference.
Enjoy your new home!