I just recently signed an agreement to purchase a house.
Its a 30year FHA loan.
Downpayment of 3.5%=$ 3,500
The purchase of the house is $ 96,990 ($ 5,400 is sellers concession)
According to the loan officer, the closing costs is made up of 3 things
1. N/A (i miss what she said and this is whats messing me up)
2. Closing costs (i believe)
3. Prepaid expenses
What would number 1 be?
Would it be the down payment?
Or would the downpayment be subtracted from the total of the 3??
Please help me, this is my first time buying a house and this is really stressing me out!