How much will closing costs be on a $150,000 FHA purchase if I put 3% down and the seller gives me 6%?

Question

There seems to be confusion. One person is telling me $4500 since that is the required 3% and the seller is taking care of my closing costs, but don't my escrows figure in? So will my real cost being higher than $4500?

Answer 1

The total cash required would normally be more than the 4500 down payment. However, the seller is giving you 9000. That should cover all your closing costs and escrows with some left over.

Depending on how strict the lender is with leftover from the seller, you may just need the 4500 or maybe LESS.

Ask your lender for a preliminary HUD to get the precise answer.