What are the average closing cost for FHA mortgages in Indiana?
My wife and I both have good credit. We will be putting 5% down, and I will be shopping for the best deal I can find. What can I expect to need out of pocket for closing costs? I already know I will have to pay one year of home owner’s insurance in advance, but what will be the ball park of the other fees?
Tags: Average, Closing, Cost, Indiana, Mortgages
Ball park is 3% of purchase price for closing (not counting your downpayment). Still, you should shop the deal (good faith estimate provided by each mortgage broker) offered by one mortgage broker with at least 2 other brokers!
Here are some links you might want to do your research in
HUD Looking up mortgage limits for FHA mortgage loans: https://entp.hud.gov/idapp/html/hicostlook.cfm
HUD Sample of Good Faith Estimate: http://www.hud.gov/offices/hsg/sfh/res/resappc.cfm
HUD Private Mortgage Insurance (PMI) Information: http://www.hud.gov/offices/hsg/sfh/res/respapmi.cfm
The HUD-1 closing costs form explained: http://www.alta.org/consumer/hud1.cfm
HUD 100 questions and answers on buying a home
http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm
FHA Federal Housing Administration loan programs: http://www.fha.com/
Once per year free credit report from all three credit reporting agencies:
http://www.annualcreditreport.com/cra/index.jsp
That should give you a pretty good idea of what you are looking forward to.
Best of luck to you
the national average is 4.5 ut iwould say around 3.5%
if you have a good real estate agent ask them when makeing and ofrer to include the seller pay seller consessions of 3-6% most lenders allow it and it will save you a great deal of money
closing costs vary so getting a few GFE good faith estimates is a great idea
I financed my home after getting several good faith estimates and their rates and fess beat the others try them out
I just closed one in LaPorte county, IN. FHA, no junk fees, etc. She brought 1% to the table which covered pre-paids and closing costs. Not that unusual in Indiana to need 1-2% at closing. Better check out the tax situation though, they are all in a mess right now and you don’t want to have to scramble to make up an escrow deficit next year when the county hits you with double or triple taxes.
Good luck.