Buying a house in SoCal for $200k what should our closing costs be going FHA? With a credit score of higher than 700?

Asked by Shutterboyrox, 92336 Wed Sep 11, 2013

Also using my father in-law as a cosigner he owns a house himself also what monthly payment should we expect? With a 10% down payment? Any responses highly appreciated

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7
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Feb 19, 2014
Closing costs are usually the standard costs for appraisal, title, escrow, processing, underwriting, etc. FHA also charges an upfront fee as well, but lenders myself can structure the loan in such a way to cover all of these costs. In other words, there are certain FHA loan product variations that lenders like myself carry that can cover these costs for you. If you are interested in this loan product I would be more than willing to speak with you. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Cameron Novak, Agent, Corona, CA
Fri Sep 13, 2013
Best option is to contact a reputable lender for these answers. One in your chosen area would be best. You'll be more likely to get accurate, honest answers. Good luck.
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Thu Sep 12, 2013
You really need to visit with a reputable mortgage lender to discuss all your options
0 votes
Alexander Gr…, Agent, San Jose, CA
Thu Sep 12, 2013
I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes
Kawain Payne, Agent, Seal Beach, CA
Thu Sep 12, 2013
Closing cost can vary. You should budget approx. 2% of the sales price. Often times closing cost are padded a little, and the buyer gets a refund after closing.

Best of luck on your home purchase!

Kawain Payne, Realtor
0 votes
Gregorio Den…, , San Diego, CA
Thu Sep 12, 2013
You should strongly consider a conventional loan with 10% down and a 700 credit score. If you are using FHA because you were told that you cannot have a co-signer with a conventional loan, that is untrue. Unlike Fannie Mae, you can have a non-occupant c-borrower with a Freddie Mac conforming mortgage and their income can help you qualify. Your closing costs will be MUCH lower with a conventional, conforming loan than they will with FHA. You should also look to deal with some manner of lender paid mortgage insurance as well to give you an over-all lower payment than you will have with FHA.

Contact me and I can show you the comparison side-by-side
0 votes
Craig Chasta…, Agent, Rancho Cucamonga, CA
Wed Sep 11, 2013
I would figure in about 2.5% of the loan amount, however it depends on what interest rate you get and if there is any rebate. Are you working with a lender at this time? If not I have a few that are excellent at what they do and I could refer them to you.

Feel free to give me a call anytime.

Craig Chastain
Realtor/Owner
Next Level Realty
909.243.4251
homesbycraig@gmail.com
0 votes
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