Are my estimated closing-costs too high?
So I made an offer on a home – won’t know until tomorrow if it is accepted or not, but my loan people gave me an estimate on how much my monthly payments/closing costs would be and it seems like the closing costs are a bit high? I am a first time homebuyer so I could be completely wrong, looking for some advice. So here are the stats:
$139,900 price of home
$5,000 downpayment (FHA loan)
asked seller to pay 3% towards closing costs
loan people are telling me they estimated about $6,000 for closing costs, so after the 3% from the seller my amount due at closing would be about $7,300 (including my down payment).
I talked to my dad because I have no idea what I’m doing and he said that theirs was around $3,000 (for a more expensive home) and that it seems high. Any help please?
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