 jk9999
Joined: 15 Jul 2009
Posts: 110
1.53 Dollars($)
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 Posted: Wed Oct 14, 2009 11:34 am Post subject: FHA closing cost |
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Hi, right now i have a offer from a buyer who have FHA loan. However, the buyer want the seller to afford all the closing cost. I have no experience of dealing with FHA closing so i am wondering what is the range of closing cost of FHA loan deal If the purchase price is about 100k. To my experience, the title insurance will be mesured according to the purchase price. That is to say, the higher the purchase price, the higher the closing cost. since FHA loan is more complicated than other loan, so i am wondering how much the closing cost will be if everything added up...
another question is, is that normal for the buyer to ask that the seller afford all closing cost??? it is not normal to my knowledge since most of the time it is the buyer's responsiblity to pay all those cost.
please advise, thank you very much !!!! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Wed Oct 14, 2009 12:54 pm Post subject: |
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i'm only going to answer the part about the normalcy of a buyer asking for closing costs assistance. it is, in many cases, an essential part of a deal. when a borrower has limited funds, or feels the need to retain cash for other purposes, it is typical to ask for assistance from a seller.
in most cases, that means paying the full asking price or something close to it, without bargaining down the price. if that's how it's structured, the seller need not sell for less. often, it's equally valuable for a seller as for a buyer.
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George M. Akerley
Loan Consultant
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