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What is the approximate closing cost for a 320k FHA loan?

Just wondering if I can get an estimate of what the typical closing costs are that I can expect before I go to apply for my loan? My credit score is 680-690. by derrick.r77559 from Yuma, Colorado. Jul 6th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Much more info would be needed to properly advise you.. Also, I think your asking about FHA's 203K loan.. When it comes to loan costs.. some costs and fees are fixed.. meaning whether your financing $271K, or $71K, the fee is the same.. Other fees are variable, meaning they are a percentage of the loan amount or property value.. Some loans have added fees for HOA's and Planned Unit Developments (PUD's), while others might have local government assessments.. FHA also charges 1.75% of your loan amount as an upfront MI premium PLUS a monthly premium which is based on your loan amount, loan to value, and the term of your loan. Also understand that the 203K has a streamline feature as well as the standard program.. depending on what your remodel costs might be, FHA could require an FHA approved consultant, which can costs as much as $2500 more. The better loan product would be a Conventional loan using the HomeStyle renovation loan.. no consultant fee, no upfront MI fee, and if your loan to value is below 80% of the improved value, no monthly mortgage insurance.. and even if your financing more than 80%, conventional MI is less than FHA's.. so all this being said, The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. 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

Jul 6th 2015
Jason Bennett (jbennett)
#103 ranked lender in Pennsylvania - 70 contributions

If you live in Pennsylvania I have a better program then the 203k. it requires 5% down, but the closing costs are lower and no upfront PMI or lifetime pmi. Can be used as a purchase or refinance rehab loan.

Jul 9th 2015
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