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Sorry, but way more information is needed.....most notably your county and state, as each municipality has it's own recording taxes and fees, not to mention sales price and property type.
The lender fees, and nothing else, at what we call a par quote (no points) will run you about $1200 -$1500. In addition you have the attorney/title company fees, the state/county taxes and your escrows. There's a lot of variation in those items, so without more information, no one can really give you the answer.
I have been pre approved by the bank. I gave everything in a timely manner. I was suppose to close on 23rd. Now the bank is telling me that the FHA underwriter has my loan in pending status because I need a note from my job that I can guarantee overtime or my loan might be denied. Of course my job can't guarantee that however, the last 3 yrs of my W2's prove that I made over my base pay. What I don't understand is why didn't the bank tell me this before spending money on an appraisal and a home inspection beforehand? Isn't it their job to make sure all the numbers are correct before submitting it to the FHA underwriter? I also have very good credit and no outstanding debts.
Bad experience with that lender. Tried to do a refi but decided to sell instead. But when still trying for refi we never got a call back from our loan person, and had to keep calling the first guy we talked to (originator maybe?). He had to do all her work! She was out of the office a lot. Finally did talk to her and she said "Weird. You should have closed already." She was the only way we would have known to close so literally our file sat clear to close for weeks and she never acted on it. We backed out anyway thank goodness!
I did an preapproval application and the agent said everything was good. So now I have to fill out my next application so my question is am i approved are do they still have to decide something else with this application.
I did an preapproval application and the agent said everything was good. So now I have to fill out my next application so my question is am i approved are do they still have to decide something else with this application.
You are not approved, your file will need to be reviewed by an underwriter and the property will have to pass certain conditions.
Currently I have gone through the lengthy process of an fha loan which the processing was done.by a mortgage loan broker. My credit is strong, income perfect for the property I chose, insurance in place, inspection done with very little repair agreements ( the property is a 90% flip)appraisal went through higher than the asking, but it went through. All was gravy until 9 days before closing......found out I had a foreclosure lien from April 2013. I had a discharged bankruptcy in November 2012, a chapter 7 and the foreclosure was shortly after. The bank that foreclosed showed me as the deed grantor of the foreclosed property to a buyer on April 24, 2013. They did an affidavit and a small town newspaper add to list the sell of a foreclosed property. Unfortunately, this placed everything on the back burner. According to FHA rules, they will not insure a loan if there was a previous discharged bankruptcy or previous foreclosure from three years past the date, whichever comes LAST. I was supposed to close on 2/29/2016. The seller did not.get the loan commitment on 02/19/2016 as we agreed upon being extended from the original date. This is causing so much despair in my family, I feel destitute because last November, another broker did not know what they were doing. Two appraisals were ordered on that property and the first one appraised much higher than what the contract showed. The second one was absolutely disheartening! Over $50k lower than the contract price. So now when I go back to the table, I will be using my own bank, not a broker. I will get my financing first.....then I will look. Between the two lovely properties I lost about $2k and I am still without a home living in my daughter's finished basement with my husband and son. Worst feeling in the world.
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