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Old 03-04-2010, 10:01 AM
 
87 posts, read 361,232 times
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Ok...we have decent credit (not stellar but good) and we have a hefty down payment...turned down by conventional loan for 1 late payment!!! Put in touch with Mortgage Broker who seems good and is telling us we will have to do FHA...so we get loan documents and see: $17K in closing costs!!!!! Is this nuts or what????...roughly 9K to close, reserves and prepaid costs $4,681.00, $FHA funding fee $2,625K, seller credit for transfer tax $2,240, seller credit for owners policy $1700K...is this normal????
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Old 03-06-2010, 03:05 PM
 
Location: Boca Raton, FL
6,885 posts, read 11,252,850 times
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Smile Answering your question

I can explain but without looking at all the facts, it's hard. I sent you a DM.

On a conventional loan, I usually figure closing costs no more than 3% of the mortgage loan amount.
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