Vinny, Home Buyer in Hopewell Junction, NY

does $23000.00 seem like a huge estimate for closing an FHA loan? My down payment is less

Asked by Vinny, Hopewell Junction, NY Sat Jan 29, 2011

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Answers

6
Hi Vinny,

$23,000.00 definitely does sound high but it's impossible to say for sure without knowing a few things.

1) Does that include your down payment?
2) How much are the property taxes?
3) Are there any transfer taxes included?
4) Does your GFE show any credits?
5) What is your purchase price/loan amount?
6) * What are the total lender/broker fees?*
7) What is the interest rate you were quoted?

# 6 is probably the most important question
0 votes Thank Flag Link Sat Jan 29, 2011
Hi Vinny,

$23,000.00 definitely does sound high but it's impossible to say for sure without knowing a few things.

1) Does that include your down payment?
2) How much are the property taxes?
3) Are there any transfer taxes included?
4) Does your GFE show any credits?
5) What is your purchase price/loan amount?
6) * What are the total lender/broker fees?*
7) What is the interest rate you were quoted?

# 6 is probably the most important question
0 votes Thank Flag Link Sat Jan 29, 2011
Vinny;
It appears so. I would suggest you obtain a Good Faith Estimate and go over each item with the lender. You should also ask another lender to give you an opinion on the GFE
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Jan 29, 2011
Vinny -

Your agent and/or attorney should be answering all your questions on this specific deal.

<>< Jim
Web Reference: http://DutchessRE.com
0 votes Thank Flag Link Sat Jan 29, 2011
Yes, that seems huge if it does not include the DP.
0 votes Thank Flag Link Sat Jan 29, 2011
Does that include your down payment?
0 votes Thank Flag Link Sat Jan 29, 2011
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