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Old 05-14-2015, 02:07 PM
 
3 posts, read 5,425 times
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First time home trying to decipher and learn. Any advice is appreciated. I am taking these figures from the Itemized Fee Worksheet provided to me from the lender (credit union).

Live in Texas
Base Loan Amount: $120,625.00
Sales Price: $125,000.00
Loan Amount: 122,735.00
Loan Type: FHA 30 year fixed interest rate of 3.875%

Loan Origination Fees: 1.000%: $1.206.25
Appraisal Fee: $475.00
Processing Fee: $250.00
Underwriting Fee: $225.00
Credit Report: $20.00
Settlement or Closing Fee: $400.00
Owner's Title Insurance: $1,014.00
Lender's Title Insurance: $250.00
Recording Fees: $160.00
Survey (if new one is needed) $500.00

Daily Interest: 30 Days @$13.0301: $390.90
Mortgage Insurance Premium to: $2,110.94
Homeowner's Insurance to: $1,020.00

Monthly Costs:

Hazard Insurance: $85.00
Real Estate Taxes: $239.58
Mortgage Insurance: $84.74

Closing Cost Summary:

Borrower Paid Closing Costs: $9,991.53
Breakdown:
Total Estimated Closing Costs: $5,495.95
Total Estimated Reserve/Prepaid Costs: $2384.64
FHA UFMIP/VA Funding Fee: $2,110.94



if new survey not needed: $500.00
Seller Credit OTP: $1,014.00
First Time Home Buyer Credit: $6,367.53
Total Closing Costs: $9,991.53
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Old 05-14-2015, 02:10 PM
 
3,317 posts, read 7,251,326 times
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Gotta ask, what is your operative Credit Score for the transaction, and how much are you putting as a Down Payment?

If the credit score is over, say, 600, and you are putting 3.5% or more as the down payment (not talking about closing costs here), then the 1% Origination fee may be gratuitous.
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Old 05-14-2015, 02:17 PM
 
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658 credit score
$4,375.00 Cash from us (borrowers)
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Old 05-14-2015, 02:24 PM
 
3,317 posts, read 7,251,326 times
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I can't tell if the FTHBC is related to Bond-77 or another program. (First Time Home Buyer Credit: $6,367.53).

Correct me - - looking like you are making the down payment from your own funds and the $6,367.53 is covering taxes/insurance & fees at closing?

If so, I would be happy with that Fees Template.
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Old 05-14-2015, 02:32 PM
 
3 posts, read 5,425 times
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Thank you. I have to run errand and then will research further. I don't know what Bond-77 is? This is an FHA loan. But I will find out!

This is what I need to hear from people who are experienced! Thanks again!
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Old 05-14-2015, 02:48 PM
 
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There are a number of First Time Buyer Programs and programs that involve various Credits, and it's tough to be accurate sometimes. Let me know if you see any designation connected to
Line item: First Time Home Buyer Credit: $6,367.53.

thanks!
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Old 05-15-2015, 12:58 PM
 
Location: New York
2,251 posts, read 4,160,232 times
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Texas - my home state (Austin) !!!...
  • Survey (if new one is needed) $500.00 < has the property been expanded since it was built? You can get a copy of the existing survey (no charge) from your county record office.
Title insurance is is to protect from any liens from the previous homeowner.
  • Owner's Title Insurance: $1,014.00 < high..
  • Lender's Title Insurance: $250.00 < ask for a copy of the lenders policy...
Loan Amount: 122,735.00 x 3.875% x 360 = $575.62 + $409.32 (escrows) = purposed $981.94 monthly payment

First Time Home Buyer Credit: $6,367.53 < where is that coming from?

The Texas First Time Home Buyer Program (Bond Program 77) Pfhtex mentions (good call,,.), amount of down payment and closing cost assistance is 5% of the mortgage amount and is in the form of a silent lien. Although no monthly payments are required, the amount of assistance is due and payable in full upon sale, refinance or repayment of the 1st lien mortgage.

A credit union, offering an FHA loan? Don't see to many of these situations....lol!!! Specifically mortgage underwriting from a credit union is normally tougher (more grueling ) than other lenders. Any slight issues your loan application is dead. You are in good hands with Pfhtex, recommend speak to directly. He is very knowledgeable and honest LO that can walk you through the loan process.

Good Luck

...
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Old 05-15-2015, 01:33 PM
 
Location: Austin
7,077 posts, read 16,885,085 times
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Quote:
Originally Posted by Modification Specialist View Post
Survey (if new one is needed) $500.00 < has the property been expanded since it was built? You can get a copy of the existing survey (no charge) from your county record office.

Owner's Title Insurance: $1,014.00 < high..
No, you cannot get a copy of a survey from the county records office. They only have plat maps, not full surveys.

No, the title insurance is not "high". Title polices, in the state of Texas, are regulated and are based off a calculation of the sales price. No matter what title company you close at, the fee will be the exact same.
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Old 05-15-2015, 02:41 PM
 
Location: New York
2,251 posts, read 4,160,232 times
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Quote:
Originally Posted by FalconheadWest View Post
No, you cannot get a copy of a survey from the county records office. They only have plat maps, not full surveys.

No, the title insurance is not "high". Title polices, in the state of Texas, are regulated and are based off a calculation of the sales price. No matter what title company you close at, the fee will be the exact same.
The great state of Texas - childhood was in Pflugerville, in the 80's brought my first property in Austin a duplex off North Lamer (north from the HEB). Three years later brought a small home south of HEB. A few years after brought another home off Ben White in south Austin. My daughter lives in one of my old homes, I'm not on their loan but remain on the title. 35 years later own my home here in New York.

A few years ago needed a survey for my Solar Energy installation (shown here) Drove down to the county records building. Expecting to pay, the clerk looked it up on the computer and printed. Stamped with their seal, and said have a nice day. Either it was my good looks or I asked nicely, she said no charge...

No longer a LO, wasn't aware of the hefty increase in title insurance premiums, out of the 100's of closing sat through, observed the fee around $250. I remember closing's were the title policy was part of the closing package. It involves a lien search by the title company, this fee is for the company quarantining the search. As for the two title insurance policy's - would differently question that. Although subject form is a standard (template) GFE, more than likely the HUD will show one policy at the closing.

Now do nationwide mortgage loss mitigation, recently had a case involving title insurance. An Indian great grandson proved in court he was the legal heir to property in upstate New York. There was a housing complex built on the property. Home owners with title insurance were paid the fair market value of their homes. The homeowners without title insurance lost theirs. Had another case involving short sale in Mississippi after the gulf coast hurricanes. Her settlement statement when purchased showed title insurance. It took several weeks, was able to get copy of the policy from her lender at no further cost.

Thank you Falcon for clarifying.



.

Last edited by Modification Specialist; 05-15-2015 at 03:26 PM..
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