Question: Fha home loan question?

(Posted by: A_247 on 2010-03-08 23:42:06)

What costs other than 3 % down payment are associated with a FHA loan? If I was to get the seller to pay closing costs of the home, what would i have to pay out of pocket?

Posted by: Let me steer you on 2010-03-09, 00:05:53

If you can get the seller to pay all other fees, then there would be no additional out of pocket at closing. Typically, the buyer pays the inspection fee. The buyer pays for the title search and always for the title insurance (guarantee). If you are financing (which you are) then there are points you pay to your lender---sometimes you see homes advertised as "closer pays costs and points " but that is not as common as it used to be. You also have to pay doc fees (charges to register your deed and to transfer the deed into your name). There are many items that it is customary for the buyer to pay. You real estate agent can give you a breakdown that will be very close to the amount you'll need at the closing table.

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