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Old 07-23-2012, 10:25 AM
 
8 posts, read 18,368 times
Reputation: 10

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i have been searching but am getting conflicting asnwers, possibly due to the changes in GFE's in the recent years. I recieved a GFE from my lender last week, and in my review of the document, i dont see the 3.5% FHA downpayment factored into the GFE. So will i have to pay the total required for settlement along with 3.5% for the down paymwent at closing? Thanks in advance.
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Old 07-23-2012, 10:16 PM
 
Location: MID ATLANTIC
7,606 posts, read 17,658,297 times
Reputation: 8099
Yep, that's our government at work. Like the new and improved version? It also doesn't reflect your earnest money deposit, nor any seller concessions. Two words: IT STINKS!

Add to it, if the lender is off in certain areas, they must cure (pay to you) anywhere they don't meet the requirements.......so what do they do? Over-estimate.

Almost every lender/broker/bank has an alternate "worksheet" that incorporates what use to be the GFE, but we are not allowed to call it that. Only the new, improved format may be called the GFE.
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Old 07-24-2012, 08:08 AM
 
Location: Richardson, TX
10,186 posts, read 16,752,987 times
Reputation: 24825
Quote:
Originally Posted by SmartMoney View Post
Yep, that's our government at work. Like the new and improved version? It also doesn't reflect your earnest money deposit, nor any seller concessions. Two words: IT STINKS!

Add to it, if the lender is off in certain areas, they must cure (pay to you) anywhere they don't meet the requirements.......so what do they do? Over-estimate.

Almost every lender/broker/bank has an alternate "worksheet" that incorporates what use to be the GFE, but we are not allowed to call it that. Only the new, improved format may be called the GFE.
Know before you Owe! You have to give the feds credit for catchy names at least.

Each revision of this form I've seen is worse than the last.
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