Estimated closing cost on loan amount of $179,000

Asked by Jermaine, Prospect Heights, Brooklyn, NY Wed May 9, 2012

A client is looking to purchase a home for $179000 with FHA financing. She is a first time home buyer looking to put down 3.5%. What will her estimated closing cost be any mortgage Bankers or Broker that are familiar with the area can give me a rough idea as to what the closing cost not including down payment will be (Ball Park)

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4
Steve Vennem…, Agent, Pine Springs, MN
Wed May 9, 2012
0 votes
Ed McKeown, Agent, Stroudsburg, PA
Wed May 9, 2012
Alan s estimate is close. In PA when making an offer we do the BECC ourselves, we do dot ask the title co when making an offer, I use 13 months taxes, HOA fees if applicable, 6-700 for insp., title ins 1255, Transfer Tax 1% and some foreclosures 2%, Transaction Coordinator fees, Some title and recording fee, 250, Then lender fees, Appraisal 500, processing 500, PMI 1.1%, and home owners ins may have to be escrowed.6500+1255+600+800+275+250+500+500+2000+800 around $13000 - $15000 depending on taxes and seller assist. Do you need to refer you client to a good Agent? I will help.
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Wed May 9, 2012
Hello jermaine,

Here's a rough estimate for you

Closing costs approx $3500
Transfer tax $1790
plus 1 year of taxes and insurance
Termite and inspection ?????? maybe $600

The $1800 MIP is financed

Alan
0 votes
Ron Thomas, Agent, Fresno, CA
Wed May 9, 2012
Aren't you using a Title Company for the Escrow?
Did they not give you a HUD1?
0 votes
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