What would be our closing costs?My husband and I have found a foreclosed home that we will be buying at $32,500, with the bank adding 3% toward our closing costs. We are doing a streamline 203k loan with repairs of about $17,500. We wanted our total loan to be $50,000. Our lender is saying that we would need to pay around $8,000 in closing costs. I don't understand why it would be so much. We don't need a consultant or permits. We also don't want to finance any mortgage payments. Please help me understand how that could equal $8,000!!!!!Also its $1,927 in taxes and $1,000 for insurance. They said that would be included in the closing costs.February 17 2014 - Lincoln Park00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.