Colli Real Estate

The closing costs for FHA loans question?

I have been approved by Chase and GMAC Mortgage for $ 200,000 FHA loan@5.0%. I plan to put down 4% of the purchase price of $ 135,000. Chase told me that I would need $ 12,000 for closing what I thought was very high, because my payment is $ 5,400. I have not heard GMAC Mortgage. I was wondering if you could tell me what my closing costs approaching ….$ 2000, $ 3,000? I try to plan ahead. In addition, the seller can contribute to that? And if the seller can contribute seizures held by banks increasingly contribute to this? Thank you very much for your help!

If the seller can contribute some. For example if you want to help 5000 $, Which could increase the price of $ 140,000 and ask the seller to pay $ 5000 for prepayment and closing. This is the same offer of $ 135,000 for the seller but structured in a way that allows you to have cash at closing. Make sure to use the words "prepaid and closing costs to ask the seller to pay. The $ 12,000 are as follows: Down payment ($ 5.400) fees paid to the lender ($ 2,000) closing costs, paid to the title company ($ 500) a title insurance for the lender ($ 500) reserve on deposit with the lender (taxes and insurance in escrow) 1 year of premiums for homeowners ($ 500) Interest of the first closing day late (this is lower, the closest month-end closes Ask your lender for details of 12,000 dollars. they are large reserves or are charging a lot this loan. costs of borrowing, including the assessment should be $ 2,000. There will be a rate of 1.75% in advance of PMI. This can be added loan to wonder if $ 12,000 include the initial payment to PMI. This is the cost of closure can only be rolled into loan.

$48,800 – 1423 Classic Chase Dr, Dalton, GA

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