Estimated FHA closing costs for sellers -buyer getting an FHA loan

FHA LOAN SELLER’S CHARGES (buyers getting an FHA loan)

1. Loan Payoff (per existing lender’s payoff letter)
2. Commissions (per contract)
3. Title Insurance-Owner’s Title Policy
4. Tax Certificate
5. Prior Year Taxes Due
6. Prorated Taxes for the Current Year
7. Water & Sewer Bill
8. Record Release of Existing Loan
9. Inspection Fee*
10. Loan Discount Fee* -as per contract
11. Assignment of Deed of Trust* (if applicable)
12. Document Preparation* (if applicable)
13. Tax Service Fee*
14. Real Estate Closing Fee
15. Express Mail Fees (if applicable)
16. Homeowners Dues, Fees, etc.

*Amounts Determined by the New Lender Note: Buyer must pay all prepaid expenses. All other charges are negotiable if agreed to by all parties in the sales contract.

Comments

Post a Comment

Popular posts from this blog

Can Your Home Survive a Wildfire?

Image
Whether a home survives a wildfire is not random, nor is it a function of luck, most homes that exhibited attributes promoted by the FireSmart program -- including keeping combustible vegetation away from the house, uncluttered yards and low-flammability roofs and surfaces -- survive fires. It seems clear that the survival of homes was a function of resistance to ignition and not a random event or a matter of luck, Beyond doubt, risk mitigation (FireSmart) guidelines demonstrated their effectiveness in mitigating risk under the harshest of wildfire conditions. Most homes caught on fire as the result of embers from the forest fire landing on their property. "Based on site visits, no instances were observed where home ignition could confidently be attributed to direct contact by flames of the burning forest, and there were very few observations where home ignition was likely due only to radiant heat from the forest. Other studies have shown that embers generated by burning vege...
Read more

Vacation Property 1031 Exchange Guidelines

Great News! The IRS will not challenge whether a vacation property qualifies for Section 1031 treatment if certain specified ownership and use requirements are met. The IRS has released Revenue Procedure 2008-16, which provides definite guidelines for a safe harbor vacation property 1031 exchange. To meet the safe harbor requirements, a taxpayer, during the 24 months prior to the sale of his or her vacation home, or within 24 months after the purchase of their vacation property as a 1031 replacement property, must: 1) Rent the property at fair market rent for a minimum of 14 days during each 12- month period of the 24-month period. 2) Limit personal use of the property during each 12-month period of the 24-month period not to exceed the greater of 14 days or 10 percent of the number of days the property is rented at a fair market rent during each of the two 12-month periods. The IRS defined personal use to include: the taxpayer or any other person who has an interest in the vacation pr...
Read more

Estimated closing costs for buyers -buyers getting a conventional loan

CONVENTIONAL LOAN BUYER’S CHARGES 1. Purchase Price 2. Mortgage Title Policy 3. Miscellaneous Title Endorsements as Required by the New Lender (see title commitment) 4. Recording Fees 5. Tax Certificate 6. Doc Fee (.01 cent per $100 of sales price) 7. Insurance Reserve Account* 8. Tax Reserve Account 9. Premium for Hazard Insurance 10. Loan Origination Fee* 11. Survey* 12. Credit Report* 13. Appraisal Fee* 14. Interest on New Loan* . 15. Miscellaneous Loan Fees per New Lender* 16. Tax Service Fee* 17. Real Estate and Loan Closing Fees 18. Homeowners Dues, Fees, etc. *Amounts Determined by the New Lender. Note: All closing costs are negotiable but must be agreed to by all parties in the sales contract.
Read more

Know your rights: New Foreclosure Law Changes in Colorado

Image
For foreclosures started after January 1 2008, the owner no longer has a post-foreclosure sale redemption right. The time allotted to the owner as a post-sale redemption period has been moved prior to the sale, giving owners a longer period of time to cure, and no right to redeem. In the new system, an owner has approximately four months to cure a default in a foreclosure of non-agricultural property, and approximately seven to eight months to cure in a foreclosure of agricultural property. Better lender responsiveness for cure figures: The new statute requires the foreclosing lender to provide cure figures to borrowers in a more timely manner. Consider a situation where shortly after a lender commences a foreclosure, the borrower files a notice of intent to cure. Under the old statute, a lender could provide cure figures as late as the seventh calendar day prior to the foreclosure sale. If, under the new statute, the borrower files a notice of intent to cure early enough so that the ...
Read more

How fast were Denver homes selling last month? Fastest in the U.S.

Image
Homes in Denver sold faster last month than anywhere else in the country. Denver was the fastest market, with nearly half of all homes going under contract in just six days, down from 11 days a year earlier. Seattle was the next fastest market with seven median days on market, followed by Portland, Oregon, and Tacoma, Washington at 10 days. The typical home went under contract in 40 days in the united states, 10 days faster than a year earlier, making April the fastest month on record since 2010 (The earliest we can track) U.S. home prices rose 6.2 percent to a median sale price of $280,000 in April. Home sales inched up 1.2 percent over last year, constrained by a shortage in the supply of homes. The number of homes for sale fell 13.3 percent, the steepest decline in four years, marking 19 straight months of annual declines. When it comes to the housing market breaking records, The market tends to accelerate through June so I wouldn’t be surprised if new records for speed and comp...
Read more