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I'm approved for $220,000 USDA loan. Under closing cost is an item called Field Review and the cost is $4488.00 Is that high?

by tom889 from , California. Nov 10th 2014 Reply


Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions

Can't be $4488. Typo? Field review if for an additional review of the property typically no more than the cost of the original appraisal....though usually less....

Nov 10th 2014
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Thanks Dan I hope so!!I meant I am pre-approved and I was just sent the estimated monthly payment, closing, & cash to close. Total closing cost is estimated to $9335.49. I need to cover $4006.49. The cost that sticks out is the Field Review of $4488.00See belowOther Closing CostsAppraisal450.00Credit45.00Flood Cert12.00Upfront Mortgage Insurance Premium (MIP)VA FundingTax ServiceInspection FeeAdmin FeeCondo CertVerification of DepositVerification of EmploymentInspection FeeField Review 4,488.00Guarantee Fee0.00Title Services & Lender's Title Insurance1,248.00Owner's Title Insurance1,192.00Inspection or other required 3rd party chargesGovernment Recording Charges95.00Transfer TaxesPrepaid ItemsInterest (9 days @ $23.0548) 207.49Initial Escrow 518.00Insurance 1,080.00

Nov 10th 2014
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Sorry that copy and paste turned out to be a mess!

Nov 10th 2014
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Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions

That has to be a typo....confirm with your lender...that cannot be correct. Are you sure that is not the 2% guarantee fee that can be financed? That amount cannot be for appraisal review.

Nov 10th 2014
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Sounds wrong

Nov 11th 2014
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Thanks Dan,I got a reply back and they told me it was the USDA funding fee. Which, like you said can be financed, but since my total closing cost is over 9K I have to pay $4,400 cash at closing. Is this cost within normal range for a $220,000 loan?

Nov 11th 2014
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

It sounds like closing costs are a bit high

Nov 11th 2014
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Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions

Costs sound high if the $9335 does NOT include the guarantee fee. If it does then your costs are approx. $4857 which appears to be normal which should include your funds for closing costs and impounds as the guarantee fee portion is financed.

Nov 11th 2014
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