Buying A Home

[v12m]

Hi,

Is 22k closing cost on a 286k FHA loan a reasonable amount?

What's best? A higher interest and money back vs. the lowest interest possible.

Thank you!

[Jazzman]

Try this link

http://www.fhahomeloanmortgage.com/calculators/fha_mortgage_calculator.shtml

[v12m]

thank you!

[Cherilyn Jones]

That seems high but its hard to know without understanding/seeing the breakdown.  

I always recommend to my clients to speak to at least 2-3 lenders when getting pre-approved so they know they are getting the best interest rate and best total loan package available to them.   You'd be surprised how different lender pre-approvals can be and how varied the interest rates, pre-approval amount, and closing costs will be with each lender as well.   

Also, if something should happen during Escrow and your lender cannot perform on the loan, then you should have at least one back up plan to fall back on if need be.  I can't tell you how many times my clients needed a back up lender during Escrow because their lender was not able to get them the loan. 

I always recommend lenders to my clients that I feel confident in and who my clients have had excellent experience with.   

Hope that helps!

[jamesstockton]

 A    friend  of  ours recently, went   throgh  FHA,  an it was  0- zero down.  Here in Wisconsin.. What about  Arizona,  if it's  a Goverment  Program, FHA  it should be 0- zero  down. Otherwise, how would people on a fixed income be able to come up with thousands of dollars, for a down payment ??