What are the laws for Florida’s Mortgage Closing costs with the home seller…

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This topic contains 5 replies, has 3 voices, and was last updated by  Anonymous 8 years, 2 months ago.

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  • #205133


    …paying half of the closing costs? I agreed to pay ONLY half of my buyer’s closing costs. The home price is $285,000. Before I even got the good faith estimate in my hand I estimated my buyer’s closing costs to be 3% of $285,000 at least which comes to $8,550. I got their good faith estimate today and I see that the “estimated closing costs” are $10,246.50 and the “total funds needed to close” are $13,510.04. and a loan orgination fee of $2,850.00 and, administration fee of $585.00, Underwriting fee of $795.00, processing fee $495, and much more. This is more than I thought. I think the fees are probably a little to high. I know in the state of Florida there is a cap on what the Home seller pays in closing costs. How can I find these laws and to make sure that I am not paying for a whole bunch of Junk fees. This is my first time ever doing this and I just want to make sure that I am paying fairly, correctly and within the Florida laws. Any help, from Mortgage or Real estate professionals will be greatly appreciated.

  • #261695

    The real estate agent ought to have easy access to the answers. In some states, splitting the taxes at settlement is usually par for the course. One can also shop around with different settlement companies rather than the one affiliated with the real estate agent.

  • #430950


    for some mortgage companies- yes, they do have minimums and will offer a better rate when borrowing the average amount currently around $ 200,000. Others will charge extra large origination (closing) fees to start up the loan since they will not be making as much money off it in the long run. Also the smaller banks especially will not be able to offer a loan of that amount. You might want to try country wide- i recommended them to a couple freinds borrowing around 20-50k and they had luck with getting a approval for a decent price as where they were not hanving luck with the local banks. g luck

  • #430951


    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

  • #430952


    Most lenders do have a $ 40,000 min. for mortgages. You don’t necessarily need a down payment, it would depend on your loan product (check with a mortgage consultant). Closing costs are a much about 1-3% of the purchase price. With only $ 20,000 you may be able to qualify for a personal loan intead but the interest rate may not be as competetive. Good luck

  • #430953


    As a first time home buyer your best bet is probably a FHA loan, however, I’m not sure if they will loan for that small amount. Why not just get pre-qualified and hat way you’ll not only know what you can afford but how much you can borrow.
    Check the site below for additional answers.

    Good luck.

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