first time buying a house what shud i expect for closing costs?

All lenders have closing costs. All loans have essentially the exact same closing costs. HOW YOU PAY those closing costs can vary dramatically. On a purchase, most people opt for seller paid closing costs. I can get you a low or no closing cost loan, but your rate will be higher. I can give you a super low rate, but your closing costs will be higher. Talk to a local mortgage broker, have them run the differences, then you can select the best version for you and your family. www.JoeMetzler.com

The closing costs vary based on the price of the loan, but I usually plan for anywhere from $7000 to $10000 in closing costs for an FHA loan. In addition to lender costs and title costs, you have to pay for a year's insurance, This includes a few thousand collected as part of closing costs to establish an impound account for property taxes and insurance. One good thing about FHA rates is that you can take a slightly higher rate that will give you closing costs credit and will often pay a good portion of your closing costs. (You can also try to get the seller to pay all or some of your closing costs - discuss this with your Realtor!) As to whether an FHA loan is the best loan for you, perhaps not. FHA works well for buyers with small down payments or lower credit scores. With your excellent credit, you should at least check out conventional loans - you can start with a 5% down payment (on loans $417,000 or under), but the best rates go to buyers with 20% down. (You still have to pay closing costs though. I'm in California, so I can't work with you in Michigan (which is where I'm from originally) so you should find a good local lender and discuss your options so you can figure out which loan program is best for you. Marty Stern, HomeStreet Bank.

To make it brief, I would just get a Good Faith Estimate from your mortgage professional and in any offer your make on a property, include the request for the Seller to contribute up to your closing cost total as part of the agreed upon sales price. Keep it simple and you'll get what you are requesting on the right transaction. Also, if you can find a way to put down 5%, you should look into both Fannie Mae & Freddie Mae Loan Programs to see what that total payment would be with with Mortgage Insurance being paid monthly as well as including it in the rate (Financed Mortgage Insurance). Good Luck!

Hi,Thanks for the inquiry. Please give me a call at 734.669.5880 and I'll be happy to answer any questions you may have. Best regards,Bill HolmesPresidentAnn Arbor Mortgage

There are mortgage programs that depending on the property location can be as little as zero down and closing costs can be paid by the seller. Call me for a free pre-qualification. 734-395-9027

Yes, with less than 5% for a downpayment FHA is likely your best option. Closing costs and prepaid expenses vary based on local costs and insurance can be a very big variable. It is possible to negotiate for the seller to pay closing costs and prepaid expense for you (meaning a higher price for the house) or the lender can help resulting in a slightly higher interest rate. Normally closing costs and prepaids run 3-4% of the purchase price depending on the total cost. In many areas, the % is lower if the house price is higher - because there are a lot of fixed costs which don't change based on the house price. So if basic lender fees are $1000 and attorney/title costs (not inclusing title insurance) are 700 that is 1.7% of a $100,000 loan, but half that for a $200,000 loan. Make sense?

hi:Be glad to go over all of our fees for your comparison.. Pretty low fees just your lender, attorney, title insurance, state/county tax etc and pre-paids. We can also assist with closing costs if seller is not able to. Also there is a 3% down payment program with NO MONTHLY MORTGAGE INSURANCE unlike FHA has an upfront and a monthly. Lending Nationwide NMLS 754875 (Mike 703 505 5300)