Hi Carolina,
This is just information and should not be regarded as advice.
Did your lender give you a GFE Good Faith Estimate on how much everthing is going to come up to and how much money you have to come up with at closing?
Did you ask for closing costs? You can ask up to 6% for closing but the seller will only pay up to 3%.
Have your real estate agent do some foot work.

Good luck,
Jes Sierra
Someone correct me if I am wrong or off on my formula. I appreciate all input being good or bad.


Below is an estimate that I do for my clients.

The information below should be regarded as information only and not advice.
And is just an estimate.

Buyers FHA at 6% interest

Price
$125,000.00



Down Payment
$4,400.00


Prepaid Costs
$1,334.00

Seller Contribution
$3,750.00




Loan
$120,600.00


Total Costs
$5,089.00


MIP
$2,110.00

Down Payment
$4,400.00


Total Loan
$122,710.00

Bring to Closing
$5,739.00

Payment Info

P.I. Payment
$734.00


Funds Needed to Verify
$8,607.00


Monthly Insurance
$36.00

Monthly Tax
$130.00

MIP
$55.00

PITI
$956.00

Hello Carolina and thanks for your question.

Although I'm not privy to the details of your new home purchase, if you have questions about any amounts that you are being asked to pay, it is worth your time to talk at length with your lending agent to get the reason for the added charges. If you are using the FHA loan program to purchase your home, the agent should have told you that there are additional costs that must be covered at close of escrow along with the downpayment that the buyer will need to pay. Some of these costs include:

1. Points and Broker Fees (typically, these are about 1-1.5 percent of the loan
2. Appraisal fee (about $500)
3. Home Inspection Cost ($200-400)
4. Property Taxes
5. Transfer fees (if any for the city)
6. Mortgage Insurance
7. Insurance for your own home (property insurance)
8. Title insurance for the FHA lender

Some of the fees can be wrapped into the loan value, but many must be paid or prepaid by the owner for at least one year. Again, for the most accurate information about your loan, please consult your loan broker for information. There may be a way to help ease the burden of the downpayment and closing costs, and you'll need to discuss this with the loan broker. In the meantime, before you breach a sales contract (and, potentially, lose some of your downpayment in the breach), talk with your agent about the possible repercussions.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA