does GFE include down payment?

The GFE is required by RESPA to be delivered to you within 3 days of applying for a mortgage.. It's purpose is to outline all the costs and fees associated with your loan.. it will not highlight the terms of your loan, meaning it does not tell you how much down payment is required or what your total payment would be with taxes, insurance and MI if applicable.. Although this form is supposed to be more simple for borrowers to understand and make it easier for them to shop, it's actually more confusing.. in fact, most loan officers have a hard time deciphering the form, let alone borrowers.. The initial fee's worksheet is like the old GFE.. it's very easy to read, has the down payment, costs and fees, as well as the total payment all outlined on one page.. as your loan officer to product that for you.. 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

Short answer, no. The GFE is only to disclose the cost, rate, term, payment, etc. If you would like a breakdown of all the transaction detail ask your loan office for an itemized fee sheet. This should include the amount you are putting down and what you should expect to need at closing.

The GFE does not include the down payment. However, the Fee Sheet or Approximate Loan Cost Illustration will usually include all fees associated with your home loan, including the down payment.