Is this too high/within expected range: FHA loan closing costs (insurance, escrow)

[Scotch99]

My relative is buying her first house in Florida and she is concerned the closing costs may be too high. She shopped and the best rate was offered by this lender. I know nothing about FHA loans, so I thought I'd check here. I'm copying all the following info from her fee statement. Thanks in advance for your help!

$165,000 purchase price
$160,817 loan amount
4.99% rate

items paid in connection with loan:
$425 appraisal fee
$11.35 credit report
$500 processing fee
$775 underwriting fee

title charges:
$740 closing/escrow fee
$387.50 title insurance paid to lender's
$900 title insurance paid to owner's

government recording & transfer charges:

$232.50 recording fees
$321.63 city/county taxes/stamps
$563.15 state taxes/stamps

additional settlement charges:

$400 survey

TOTAL estimated closing costs: $5256.13


******

prepaid items

$329.79 15 days interest on loan
$1592.25 upfront mortgage insurance
$1980 hazard insurance
+ other reserves to be deposited with lender

Total estimated prepaid: $5220.14

[ShanetheMortgageMan]

Unless the scores are real low, that rate is real high for those lender costs... should be more like 4.75%.

[Bideshi]

Why is the owner being paid for title insurance too?

[rjrcm]

Originally Posted by Scotch99

...
title charges:
$740 closing/escrow fee
$387.50 title insurance paid to lender's
$900 title insurance paid to owner's...

Usually the seller pays for owner's title insurance unless you negotiated otherwise. Buyer pays lender's insurance.

[TimtheGuy]

Originally Posted by Bideshi

Why is the owner being paid for title insurance too?

It's "owner's coverage" for the buyer. As opposed to lender's coverage.

[Scotch99]

Thanks for the replies. My cousin went ahead with the loan on these terms. It doesn't sound like she had the best realtor or guidance from anyone before she sought me out at the last hour. The rate did drop a day after I posted and she locked it in at 4.75%.

[dragontales]

4.75% is pretty darn good. Today's rates are above 5% on 30 year fixed.