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Old 03-24-2011, 10:38 AM
 
1 posts, read 1,173 times
Reputation: 10

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Hi all,
My wife and I moved to Fort Worth a year ago and like it so much, we're planning to close on a house in the cultural district next month. We've done a bit of shopping for mortgages and so far FHA seems like the best option for us, but I'm a bit concerned about the high origination fees we are being charged.
Purchase Price: $95,000
Down Payment: 3.5%
Sellers paying: 5% towards closing costs.

Excluding prepaids, escrows, title work, apraisal etc etc. these are the "origination charges" in the GFE

Loan Origination Fee $916
Doc Prep $235
Admin Fee $1095
Up-Front Mortgage Insurance (rolled into principle of loan) $916

Do these sound reasonable to you?

Thanks for your help!
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Old 03-24-2011, 12:20 PM
 
119 posts, read 197,905 times
Reputation: 70
I don't know if the actual numbers are reasonable, but I can tell you that in general a FHA loan is going to have more fees than a traditional loan. You can still get a conventional with as little as 5% down as long as your credit and debt to income ratio are both good, have you looked at that option?
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Old 04-02-2011, 02:45 PM
 
Location: Texas
5 posts, read 8,910 times
Reputation: 10
Default Yes the fees are

Quote:
Originally Posted by henrybthompson View Post
Hi all,
My wife and I moved to Fort Worth a year ago and like it so much, we're planning to close on a house in the cultural district next month. We've done a bit of shopping for mortgages and so far FHA seems like the best option for us, but I'm a bit concerned about the high origination fees we are being charged.
Purchase Price: $95,000
Down Payment: 3.5%
Sellers paying: 5% towards closing costs.

Excluding prepaids, escrows, title work, apraisal etc etc. these are the "origination charges" in the GFE

Loan Origination Fee $916
Doc Prep $235
Admin Fee $1095
Up-Front Mortgage Insurance (rolled into principle of loan) $916

Do these sound reasonable to you?

Thanks for your help!
high but you save in monthly MIP charges, and in some other bank charges. FHA limits how much the bank can charge you for the monthly MIP, many conv loans charge double MIP that FHA allows. Some of the conv loans have a higher interest rate too if they waive the MIP charges. We used FHA for our loan but that is a personl choice.
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Old 04-03-2011, 10:03 AM
 
32,628 posts, read 51,241,651 times
Reputation: 18501
what does your realtor say about the fees?
realtors deal with multiple mortgage companies and FHA loans--
that is your best source of info about this probably
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