Estimation of FHA Closing Costs

Asked by FSBOsuccess, 28590 Tue Apr 6, 2010

I have a buyer who wants to purchase my home at $112,900 and only wants to bring $4000 to the table (most of which would get eaten up by 3.5% downpayment requirement). I am offering $2000 closing costs. Given today's rates at about 5.25%, can anyone give me a very rough idea of what closing costs for them would look like? I can possibly throw in another $1000, but don't want to give the house away either.

Help the community by answering this question:

+ web reference
Web reference:

Answers

1
Daniel Casta…, Mortgage Broker Or Lender, Forest, VA
Tue Apr 6, 2010
I would assume there wold be about 500-100 in adminstrative fees from the lender.

Also, the buyer would have to set up an escrow account for the taxes and insurance. This really isnt a cost, but it does have to be paid at closing. Depending on the closing date, it could be 10 months.

Here are an estimate of title costs.
Abstract or Title Search $295.00
Document Preparation $100.00
Title Certification Fee $75.00
Tax Research $35.00
Recording Processing $75.00
Settlement or Closing Fee $150.00
Owner's Coverage $270.80
Lender's Coverage $100.00
LF - ENDORSEMENT 5 (Planned Unit Development) Endorsement $0.00
LF - ENDORSEMENT 9 (Restrictions, Encroachments & Minerals) Endorsement $0.00
Closing Prep $450.00
County - Imported Recording Fees (Deed) $26.00
County - Imported Recording Fees (Security Instrument Recording) $124.00
County - Imported Recording Fees (Deed Transfer Tax) $226.00

Total: $1,926.80 Tittle Fees

Hope this helps!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more