FHA Loan Closing Cost Comparison

Tips and Deals Forums Home Mortgage FHA Loan Closing Cost Comparison

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    First time home buyer – looking at an FHA loan.* We’re ready to get a house, but I have some questions about closing costs.


    -FICO 770’s Equifax

    -Preapproved for a $200k home


    The home we’re looking at is a $200k +/- house, which will work for us.* My question is on closing costs.* Here’s the list I have from the estimate we got from our local mortgage broker on an FHA 30 year fixed:

    Int Rate 4.5%

    APR 5.373%


    These are the fee’s I’ve ID’d as legitimate:

    City/County Tax/Stamps – $1,400

    State Tax/Stamps – $683

    Intangible Taxes – $389

    Owner’s Coverage – $1,075

    Lender’s Coverage – $150

    Flood – $7.50

    Credit Report Fee – $19


    These seem questionable and/or negotiable:

    Appraisal Fee – $350 (should be less?)

    Tax Service Fee – $74

    Processing Fee – $100

    Underwritting – $449

    Doc Processing – $399

    Doc Handling – $25

    Settlement or Closing Fee – $600

    Endorsements – $200

    Recording Fees – $225

    Pest Inspection – $150


    All together these are ~$6,296


    Here are my questions:

    -Does this seem high for closing costs?

    -Which (if any) of these are typically handled by the seller?

    -Have I correctly identified which fees are negotiable?

    -How’s the APR/rate look?

    -Am I wasting my time shopping for other mortgages?


    (note, these closing costs don’t include the “prepaid” items, which include daily interest ($360), PMI (1930), homeowner’s insurance premium (est. $1440), property taxes (est. $1200 for 4 months)


    Thanks in advance!


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