Is this a good deal

[millkn]

A while back I went to a loan officer who gave me a good faith estimate of closing costs for FHA.

 

 

Here is the deal:

 

Orgination Fee 1.00% 1075.25

Appraisal Fee 350.00

Final Inspection 39.00

settlement or closing fee 125.00

EPA endorsement 70.00

Recording and Notarizing Deed 50.00

Tax Certificates $32 + Flood Cert $18 50.00

Survey 300.00

Pest Inspection 50.00

 

Total Estimated Closing cost 3499.25

 

 

Prepaid Items:

15 days prepaid interest @19.44(6.5%) 291.53

One year Hazard Insurance 816.00

2 months impound of hazard Insurance 136.00

4 months of taxes unimproved 200.00

 

Estimated Prepaid: 1443.53

 

 

Down Payment: 2475.00

 

Total(Closing Costs+Pre-Paids+Down Payment) 7417.78

 

seller Contributions: $3000.00

Expedient to pay title policy $1090.00

 

 

Buyer's Investment $3327.78

 

 

Principle and interest: 6.500% 689.83

Hazard Insurance: 68.00

PMI 44.80

 

Credit is in the 590-620 fico score range.

[Hideous]

i don't know if its fair but i know this section doesn't add up

 

Orgination Fee 1.00% 1075.25

Appraisal Fee 350.00

Final Inspection 39.00

settlement or closing fee 125.00

EPA endorsement 70.00

Recording and Notarizing Deed 50.00

Tax Certificates $32 + Flood Cert $18 50.00

Survey 300.00

Pest Inspection 50.00

 

Total Estimated Closing cost 3499.25

[Hideous]

whats hazard insurance for an why is it 814 a year ?

 

is it somethign you hae to renew every year ?

[willtygart]

Hazard ins is home owners insurance Hideous

[Hideous]

that was my guess but isn't it normally about .5% of the home value ?

 

and is it alwasy called hazard ?

 

or is that a FHA term for it ?

[willtygart]

depends on the company and cause if something hazerdous happens to yer home they will cover it

[millkn]

i don't know if its fair but i know this section doesn't add up  

 

Orgination Fee 1.00% 1075.25  

Appraisal Fee 350.00  

Final Inspection 39.00  

settlement or closing fee 125.00  

EPA endorsement 70.00  

Recording and Notarizing Deed 50.00  

Tax Certificates $32 + Flood Cert $18 50.00  

Survey 300.00  

Pest Inspection 50.00  

 

Total Estimated Closing cost 3499.25

 

Yeah, I just noticed that I missed several items. here is the revised form:The underlined items were the ones that were missing in my previous post:

 

Orgination Fee 1.00% 1075.25

Appraisal Fee 350.00

Final Inspection 39.00

settlement or closing fee 125.00

Attorney's Fees 175.00

Owner's Title Policy 1090.00

Mortgage Title Policy 125.00

EPA endorsement 70.00

Recording and Notarizing Deed 50.00

Tax Certificates $32 + Flood Cert $18 50.00

Survey 300.00

Pest Inspection 50.00

 

 

One other thing that I failed to mention is an Upfront FHA Mort. Ins financed into loan. This alone costs $1612.88. Although its not included in the closing costs of the house.

[DACMAN]

This all looks fine:

 

You definitely wan tto Owners Title policy.

 

For a hundred or more reasons why you can read about owners title policies

 

http://www.firstam.com/fatic/html/cust/1150.html

 

The atty fees is probably for the title search itself. This is normal.

 

Mortgage title policy is what is also know as a simulaneous policy. Since you and the lender are each getting a policy it is doen this way instead of paying for two separate policies. Once again normal.

 

Now who pays for these cost is a negociatable item between you and the seller as part of you real estate offer.

 

Everything looks fine. Sounds like you are working with someone who knows what they are doing.