Mortgage questions!! How much cash will we need?

We%26#039;re doing an FHA loan, we%26#039;ve been approved for 150,000$ (we%26#039;re probably only going to need 140,000 of that)

We only need to put 3% down (so 4,500).

AFTER the down payment cost, How much money should we have saved up for closing costs.

Our mortgage consultant sent us a good faith estimate page and it estimated that closing costs will be 4,622.

(of course its only an estimate, it could be more or less)

I%26#039;m just curious how much cash we should have saved. We%26#039;ve got the down payment taken care of, we dont need any more for the down payment. At this point its just about closing costs %26amp; other fees that I%26#039;m not fully aware of.

Mortgage questions!! How much cash will we need?money

I would say his figures on the $4,622 are pretty close. Our loan was for $178,000 and if I remember correctly our closing costs were about $4,800. Good luck with your new house.

I think the fee that surprised me the most was the lawyer%26#039;s fee of almost $500. It wasn%26#039;t that much I just wasn%26#039;t expecting it.

Mortgage questions!! How much cash will we need?

loan

The good faith estimate is the closest you get for the numer you want to know. Just be aware, once you own the house, you have to pay taxes, repairs, utilities, etc. on a regular basis.|||This is a great question, because FHA loans also have the UFMIP included in the costs.

Here is how you determine what you are responsible for:

Sales Price of Home X DP% = down payment

Then you add the down payment plus any closing costs you are paying, and that is how much you owe at closing.

Example:

SP = 200,000

DP % = 5

DP = 10,000

CC (including, attorney title, etc) = 8,000

You would have to bring 18K to closing, unless the seller is paying for a portion of this.

Now with FHA, it depends on whether the up-front mortgage insurance premium (UFMIP) is paid in cash or rolled into the loan amount. If it is paid cash, then you have to add that into your up-front money, otherwise it is rolled into the loan, and since you pay interest on it, it becomes tax deductible, too.

In your case, see if the total cost line of $4,622 includes the FHA MIP (Mortgage Insurance Premium). If it does, and it is being rolled into your loan amount, then you don%26#039;t have to bring that amount to closing, as it will be tacked onto your loan amount.

So in essence, have a look at your numbers, and check with your lender about how the UFMIP is being placed in your loan. Also, you will have a monthly amount of PMI you will be paying. Based on your sales parice, I am guessing you make less than 100K combined household income, so that amount of PMI will be tax deductible through 2010 for you, according to the new tax laws.

Hope this helps!|||One of my friend asked me a similiar question before,we found helpful luck here.http://mortgage.specialistideas.info/are...|||Actually, you could have the seller contribute up to 6% of the purchase price for you to use towards down payment (3%) and closing costs and pre-paids (3%).

Of course, their assistance will have been worked in to the purchase price and the home would have to appraise to support the purchase price.

That way you could keep your savings for reserves or household furnishings etc.

Give me a call if your mortgage consultant doesn%26#039;t know how to make this work for you. 513-237-6571. I am in Ohio, but I can lend nationwide.

Good luck!