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how much would the closing costs be for a $200,000 FHA home loan?

Target Shopper Annonymous Leader asked:

just wondering if we have enough money saved up to start looking… Also do you have to be a first time homeowner to qualify for a FHA loan?
Asked on: 2009-11-26 23:35:54

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4 Comments

  1. you have to have 3% out of pocket hard costs (appraisal, EM, closing costs)

  2. around $7000 and no you do not have to be a first timer

  3. Gen X Agent says:

    You can estimate closing costs to be approximately 3% of your loan. Also after January 1st FHA loans will require a 3.5% down payment in lieu of the current 3% down payment. You do not have to be a first time homeowner to qualify for an FHA loan.

  4. A D says:

    Unless you negotiate for seller to pay your closing costs, you may be out more like $12,000 to include your down payment, pre-paids and closing costs.

    This is based on a 3% down payment, and property taxes of about $3,600/yr. (they may be cheaper where you are). Don’t forget the 1.5% MIP at closing and homeowner’s insurance policy pre-paid for 15 months.

    In addition, you will have inspection, termite inspection.

    Talk to a real lender where you are interested in buying property. We’re all over the place.

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