Hi how much are closing costs/ lender fees on fha loans typically?

Hi. Without seeing your GFE, 10% sounds high. However, you may be including prepaid expenses in with fees. Prepaids include initial escrow deposit and 1st year's homeowner's insurance premium. Property taxes in Texas are around 2.5% of home value, insurance around 1%, so the initial escrow deposit plus 1st year's insurance premium will be 3% to 3.5% of your loan amount. That leaves 6.5% to 7% for fees, which sounds high. But there may be other factors.....did you buy the rate down with points? I'd be glad to offer a competitive GFE. Call or e-mail me at 214-360-9991 or gbarteau@americashloans.com.

It's hard to say if it's a good deal or not because of how the GFE works.. First of all, FHA's upfront funding fee of 1.75% is included in that 10% and if there are any credits, it does not take that into account when totaling your fees. Also, because some of the fees are "Fixed" costs, meaning they are the same regardless of how much the home is, and other fee's are variable, meaning they are a percentage of the sale price or loan amount, for lower priced homes, the percentage will look higher, vs. a higher priced home where the percentage would look smaller.. so without knowing all the details associated with your loan, it's hard to say if it's a good deal or not.. understand that your loan officer only has control over "adjusted origination charges" or Box A. This box reflects only his charges and credits. All other fees are 3rd party fees which he has nothing to do with.. 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

Send a little high, call me to go over it. 281-833-9424

HI - I suspect that you're seeing the total of all costs, including the 3.5% down payment, the lender and escrow fees plus impounds, which is another 3% on average, AND the 1.75% upfront mortgage premium that FHA charges on all of its loans. This fee by law has to be listed on your GFE but is usually rolled into the loan amount and you do not have to pay it at closing. Those three items add up to 8.25%, but again, you're still only paying about 3% in actual closing costs, which appears pretty normal. It's a good idea to talk to whomever prepared the GFE for you and discuss the numbers. You might also ask about taking a slighty higher interest rate which typically can give you a rebate credit in the thousands of dollars towards some of your closing costs. Marty Stern, HomeStreet Bank, 707-364-4115

Hi Yawakes,It depends on "what" you're looking at. Here's what I mean. With the FHA required down payment of 3.5% and the FHA Upfront Mortgage Insurance Premium (UMIP) of 1.75% you're starting out at 5.25% in closing costs right off the bat. The thing that makes its more difficult to understand is the FHA UMIP is counted as a cost but then credited later because it's actually financed into the loan. The other problem with the GFE is it doesn't generally show which costs the seller pays or any other "credits" that maybe applicable to your loan. The only way to know for sure is to have someone (like me) take the time to review your GFE with you and tell you exactly what you're paying and whether or not it's excessive. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.fhamortgagesdoneright.com | (877)228-9069