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Hello All, later this afternoon I will be closing on my first home. Contract to closing was a short three week period, plus the holidays, has lead to rushing and plenty last minute stuff. Which includes the HUD settlement, which we are still waiting on to be completed. Because of this, my broker is unable to give me the exact amount of cash I need today. Here's the details, the home is $200k+, and the seller is contributing 4% towards closing. My broker recommended that amount, as the average closing cost in Eufaula is 3%. I've already paid nearly $300 for inspection/termite and $700 for appraisal. Ive also given 1k earnest money and down payment will be 3.5% of the home price. I also know the PMI premium was actually added to the loan, so I'm not paying that up front. If it matters, I am not paying for any points either. I guess my question is, will I be expected to pay anything besides the down payment, since the seller is paying closing cost? Thanks.
You are near closing and you have yet to receive a HUD-1 closing statement? The Real Estate Settlement Procedures Act (RESPA) require you r mortgage lenders prepare and issue you this document a minimum of 3 days after being approved fro your mortgage loan. If anything change small or large your mortgage lender is required to issue you another HUD-1 for each change. It is difficult to determine your closing cost even if we know that the seller has obligated to pay 4% of the closing cost. Closing cost includes taxes and insurance. The cost of these might be estimated, though your taxes are based on the assess value determined by the tax assessor. Some homeowners might have a lower deductible therefore your insurance would be difficult to estimate. Did you decide to take out personal title insurance and not just the lender required title insurance? Your real estate broker is not the person you should be talking to . You should be speaking with your mortgage loan officer or underwriter. These are the individuals that would be able to inform you of the closing cost required. Another person you might consider speaking with is your escrow closing agent. Normally your mortgage lender would have informed this person the amount needed to close your purchase transaction. Apparently you are the only one that is unaware of the closing cost you would need to close your purchase transaction. You should call someone and inform them that you are not gonna sign any other documents until a HUD-1 is made available to you immediately. I guarantee you someone would immediately provide a HUD-1 to you. This is not a secret by any stretch of the imagination. It appears as if you are approved for a FHA mortgage loan. In all government mortgage loans, you are required to pay something akin to Private Mortgage Insurance (PMI) for the life of the mortgage loan. This also is not a secret, as all government mortgage loans have this feature. This was not something that was just added on. Apparently you have not been kept appraised about the features of your mortgage loan and the issuance of required documents of the mortgage loan process. You would need someone that would sit down with you and explain all the features of your FHA mortgage loan. From reading your statement you are not aware of the features of your mortgage loan. I hope this has been of some benefit to you, good luck. "FIGHT ON"
There will probably be some other costs; document preparation fee, title closing fee (both sides pay) and recording fees. There will be a small debit for taxes for the balance of the year. Also, the fee ("points) charged by the lender, if any. You'll have to wait on the HUD for the exact figures.
You will have the first year's homeowner's insurance premium, plus the escrow "cushion" for insurance and taxes. Possibly some miscellaneous recording/courier/wire fees. As you mention, your down payment (you will be credited with the earnest money deposit). The settlement agent should get you the HUD-1 quickly so you can arrange to get the cashier's check for your costs. If they say they are waiting on your lender to get it to them, jump on your loan officer and get them to earn their keep by chasing it down.
Assuming your closing costs come out to 3% and the seller is paying up to 4%, they should credit you the $1,000 out of pocket plus the $1,000 earnest which should be subtracted from your down payment (meaning you should be able to close for less than the 3.5% down.
Under federal law on FHA loans the lender is required to give you a very accurate estimate several days before closing- so if they hav't done that then your closing would have to be delayed. Call the lender and ask about this.
FHA REQUIRES 3% down of the purchase price,u'll need to pay for ur homeowners up to a year! I just closed on a property $90,000.... $2000 earnest money...... $445 for appraisal .......$230 for inspection....... $5600 was what I bought @ closing w/included my home owners payment of $1500....
You should have received a prelim hud Closing attorney will give you correct amount
I would ask the bank, not the realtor.