There is no actual percentage per State. Lenders, Brokers, RE AGents, will guesstimate closing costs of about 6% so that FTHB (first timers) can have an idea of closing costs. YOur closing costs will include lender/broker origination fees, appraisal, title fees, recording fees, insurance (paid for 1 year in advance) then you also create an escrow account (a cushion for your taxes and insurance for next years payment(s). FHA allows you to purchase a home with only 3-5% down payment, but down payment does not equal closing costs. Lenders typically lend between 80% and 97% of the value of the home, you have to come up with the difference = down payment plus closing costs. Many first time buyers look for houses where the sellers are willing to cover some or all of the closing costs this is called seller concessions. IF you are working with a buyers agent not a seller agent you should ask to ONLY see homes where their is a seller concession... Best of Luck.Christina Solorzano123ffg.com

Christina gave you a very good answer. Unfortunately because of the recent problems with housing devaluations and the mortgage market, the government and lenders have made it more difficult for first time home buyers to purchase. Even if you can afford the monthly payment the down payment and closing costs requirements put a lot of people out of the market. NY state has a large area that qualifies for USDA Rural Housing loans. I would find a Realtor willing to help you search for homes that are in a qualified area and look especially for one that may be selling under the market. Rural housing loans allow you to borrow up to 102% of the appraised value, not the purchase price. With some seller assistance and a good Realtor you could conceivably get into a home for very little out of pocket. If this is something you want to explore please contact me and I will put you in touch with our NY State branch and a USDA specialist there. lharvey@advisorsmortgage.com

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Eduardo,I am based on the West Coast, specifically California but that sounds excessively high. Closing costs include a number of items, do you know what the loan officer is charging you? Do you have a Good Faith Estimate with all the charges??? I would suggest you look around for another bank or lender but be careful in giving out your ss# so that each person doesn't pull a credit report on you because that could lower your score and thus lower your chances in qualifying for a loan.