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How much out of pocket is expected on a $245,000 FHA loan?

by felix477 from South Yarmouth, Massachusetts. Jun 29th 2016 Reply


Dick Lee (dlee@indmortgage.com)
#9 ranked lender in Massachusetts - 16 contributions

the appraisal fee roughly $450, which can be credited at the closing. pre paid interest, will depend on the closing date, establishment of the escrow account for real estate taxes and home owners insurance

Jun 29th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Much more info needed.. Are you purchasing? Or are you refinancing?.. If your refinancing, then it's possible to do it without anything out of pocket.. but if your buying, then you have to have 3.5% down payment.. (245,000 X 3.5%=$8,575) and you will also need closing costs.. But closing costs vary depending on the interest rate you choose, title fees, lender fees, etc.. Without looking at your complete loan scenario, it's impossible to tell you exactly how much you will need.. There are ways to get your closing costs paid.. you can ask the seller to contribute.. you can ask your lender to offer you a lender credit to offset your costs, but for the lender to do this, they are going to raise the interest rate.. or you can ask your agent to contribute.. or a combination of all 3.. Also, there might be some local grant programs which you might qualify for.. using grant funds can minimize how much $$$ you will need.. but in all realty, you should not be looking to an internet post to find this out.. you need to pick up the phone, and call a local mortgage broker and let them look at your scenario.. there's no charge, and they can put the quote in writing.. best of all.. no more guessing.. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 29th 2016
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Felix I can give you exact closing costs figures however it is approximately $10,000 when factoring The Upfront mortgage insurance premium which is financed into the loan amount equivalent to 1.75% of loan amount will then have closing cost of approximately $4,000 and prepaid escrow for taxes and insurance of approximately 2500

Jun 29th 2016
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Feel free to contact me at 401 301 0130. We are many licenced lenders nils 12937

Jun 29th 2016
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