Answers (5)
- Aliza Dash, "Aliza Dash"
- Contributions:152
- shapiroamg
- Contributions:3136
Traditional MA closing fees. and these will vary between the service providers.
350-appraisal for single fam (could be up to $400)
30-40 credit report
$500-$1200 processing + underwirting
$500 Attorney closing
$200 title search
$150 plot plan
$300 recording
$100 MLC and recording
$50 Fedex or currier if needed
Title insurance $4.25/$1000 borrowed for both owners and lenders. this is the premium policy.
Then you have your escrows and pre paid insurance. To be safe, $5-6000 on a loan with no points.
350-appraisal for single fam (could be up to $400)
30-40 credit report
$500-$1200 processing + underwirting
$500 Attorney closing
$200 title search
$150 plot plan
$300 recording
$100 MLC and recording
$50 Fedex or currier if needed
Title insurance $4.25/$1000 borrowed for both owners and lenders. this is the premium policy.
Then you have your escrows and pre paid insurance. To be safe, $5-6000 on a loan with no points.
- Tom Matthews, "TomAndJoanneTeam"
- Contributions:502
Alex:
You have indicated that you will be using a FHA loan which allows the seller to contribute up to 6% towards closing costs and pre-paid costs. This should easily cover your up front costs. So, to answer your question you can certainly roll them into the loan, and generally closing costs are about 1% of your loan amount plus title insurance and other costs.
As, the prior gentleman said Mass Housing is another option. I am a buyer broker in the area and do a lot with first time home buyers. I offer a one hour free consultation for first time home buyers.
You have indicated that you will be using a FHA loan which allows the seller to contribute up to 6% towards closing costs and pre-paid costs. This should easily cover your up front costs. So, to answer your question you can certainly roll them into the loan, and generally closing costs are about 1% of your loan amount plus title insurance and other costs.
As, the prior gentleman said Mass Housing is another option. I am a buyer broker in the area and do a lot with first time home buyers. I offer a one hour free consultation for first time home buyers.
- wayne lancaster, "funds2"
- Contributions:1878
If the Mass. Housing program is not feasible you could stipulate in the sales contract that seller will pay your closing cost and prepaids.(up to 6% of the sales price) It is not possible to include those cost in your loan but if seller agrees to pay cost you are likely to need to pay a higher price to off set sellers cost. It is similiar to adding cost into loan and only cost about $5.50 per month per thousand financed. Start your house hunting early in case Housing program requires more time. Post a loan request on Zillow and find a local lender to work with and get pre-approved. Good luck.
- Bob Tanski, "BobTanski"
- Contributions:80
Hi
You actually have until April 30th to get under contract to qualify for the first time home buyer tax credit and two further months to close the deal.
Now is the right time to start looking for your new home.
As far as closing costs are concerned it depends on the loan you get. However did you know that Massachusetts has a program that allows you to use your first time home buyer tax credit towards your down payment/closing costs?
Follow this link for details:
https://www.masshousing.com/portal/server.pt?mode=2&uuID={E97F7241-F9D4-4917-8ABD-C526D73DB5CE}
You actually have until April 30th to get under contract to qualify for the first time home buyer tax credit and two further months to close the deal.
Now is the right time to start looking for your new home.
As far as closing costs are concerned it depends on the loan you get. However did you know that Massachusetts has a program that allows you to use your first time home buyer tax credit towards your down payment/closing costs?
Follow this link for details:
https://www.masshousing.com/portal/server.pt?mode=2&uuID={E97F7241-F9D4-4917-8ABD-C526D73DB5CE}
closing costs
I am however concerned about the closing costs. I know that they might be quite substantial. So my question is: what approximately will my closing costs amount to? Is it possible to roll them into the loan?
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