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.

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      -FICO 770’s Equifax

      -Preapproved for a $200k home

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      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%

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      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

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      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

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      All together these are ~$6,296

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      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?

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      (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)

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      Thanks in advance!

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