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carissa1643
I LOVE my sons! :)
Member since 5/09 5283 total posts
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Carissa
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Breakdown of down payment/closing costs?
We're applying for an FHA loan. We're planning on putting down 3.5% and getting the closing costs rolled into the mortgage (seller's concession). What are the additional costs that will not get rolled into the mortgage? The attorney fees are seperate right? What about the inspection? I'm just to figure out a ballpark number and not be completely surprised.
Message edited 6/15/2011 1:07:52 PM.
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Posted 6/14/11 6:26 PM  |
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Prudential Douglas Elliman Real Estate
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ElizaRags35
My 2 Girls
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Re: Breakdown of down payment?
Bump because I'd like this info too!
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| Posted 6/14/11 11:26 PM |
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Mill188
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Re: Breakdown of down payment?
When we applied for our mortgage (conventional - not FHA) we were told we couldn't roll closing costs into the mortgage. They no longer do that for a first mortgage - only a refi.
I think the biggest thing for us was homeowners insurance. We didn't know that you had to pay the year's premium in full prior to closing. I thought it was like car insurance - you could pay it every month.
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| Posted 6/15/11 9:25 AM |
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Deeluvsvinny
DONE
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Whatever
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Re: Breakdown of down payment?
you can't roll closing costs into a purchase loan. you have to pay them out of pocket. You can roll the initial PMI payment into the loan..but that's just an FHA fee 1% of the loan amount.
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| Posted 6/15/11 10:56 AM |
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Re: Breakdown of down payment?
You can mortgage your closing costs (up to 6%)via a seller's concession. You can still get a seller's concession with an FHA loan. At one time, there were rumors that you would not be able to get 6% with an FHA loan, but I believe you still can (that hasn't been changed yet to my knowledge).
With the seller's concession, you present that upfront with your offer. If you want to pay $400K for the house, you offer $424K with seller's concession (if you need 6%), and the seller understands they will only get $400K. The house must appraise for the higher amount (the $424K), though.
But there is no way to roll your closing costs into your mortgage on a purchase unless you go the seller's concession route.
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| Posted 6/15/11 11:04 AM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
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Ring in the new!
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Re: Breakdown of down payment?
One of the things that came as somewhat of a shock to me was the pre-paids. It added a significant amount to the closing costs- like $8k.
Obviously this was an over estimation but you will need to pay a full year of homeowners insurance, pre-pay 6 months of taxes (give or take when you actually close), accumulated interest (depending on the day you close), etc.
This is in addition to all the other fees and upfront 1% MPI (FHA's PMI) that are assessed into the closing costs.
Your DP though is just 3.5% of your total purchase price.
If your buying a $400k house, you can roughly expect to need $30k-give or take- to bring to the closing table including your DP.
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| Posted 6/15/11 11:16 AM |
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carissa1643
I LOVE my sons! :)
Member since 5/09 5283 total posts
Name:
Carissa
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Re: Breakdown of down payment?
Posted by Century 21 Dallow - Christine Braun
You can mortgage your closing costs (up to 6%)via a seller's concession. You can still get a seller's concession with an FHA loan. At one time, there were rumors that you would not be able to get 6% with an FHA loan, but I believe you still can (that hasn't been changed yet to my knowledge).
With the seller's concession, you present that upfront with your offer. If you want to pay $400K for the house, you offer $424K with seller's concession (if you need 6%), and the seller understands they will only get $400K. The house must appraise for the higher amount (the $424K), though.
But there is no way to roll your closing costs into your mortgage on a purchase unless you go the seller's concession route.
Yes, ok this is what my loan officer told me, its a seller's concession. So using your example, my offer would be $424k. Would my downpayment be from $400k or $424k? Would I be paying the interest on the offer price also? I hope you know what I'm asking I don't know if I'm phrasing this right.
So what else needs to be paid out of pocket right away?
3.5% downpayment
attorney fees ($1k?)
inspection ($?)
year of ins. ($1k?)
taxes (depending on when in the year we bought, what does that mean? If we buy in July then we need to pay Jan '11-July '11 right away?)
1st mortgage payment?
Message edited 6/15/2011 12:56:25 PM.
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| Posted 6/15/11 12:22 PM |
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Re: Breakdown of down payment/closing costs?
Okay besides closing costs we also had to pay for Inspection estimate between 300-600, Attorneys fee's estimate about 1000.00, Survey roughly 500-750, Appraisal 450-600. Also you have to pay title person an appearance fee of 100-200. Homeowners we paid 954.00. HTH
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| Posted 6/15/11 1:43 PM |
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carissa1643
I LOVE my sons! :)
Member since 5/09 5283 total posts
Name:
Carissa
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Re: Breakdown of down payment/closing costs?
Posted by CookieMomster
Okay besides closing costs we also had to pay for Inspection estimate between 300-600, Attorneys fee's estimate about 1000.00, Survey roughly 500-750, Appraisal 450-600. Also you have to pay title person an appearance fee of 100-200. Homeowners we paid 954.00. HTH
Thank you!! 
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| Posted 6/15/11 2:02 PM |
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