How much would closing costs be on a home purchase price of $300,000 with an FHA loan in Los Angeles?

Question

How much would closing costs be on a home purchase price of $300,000 with an FHA loan in Los Angeles?

Answer 1

First I'm assuming that you would be putting 3% down. ($9K)

It is customary to charge a 1% origination fee ($2910) and mortgage insurance upfront of (1.5% $4365).  Underwriting of $1K, appraiser $350, Credit $30, Escrow $800, title $500, pest $100, notary $100, docs $100.  Some things cannot be paid for by you like processing and admin.  There's a list, which I don't know off the top of my head.  But in running a quick estimate, I would say you would probably be lookign at about $12K - mostly because of the MI and the Loan Origination.

Is this anywhere near what you've been quoted?  You can contact me if you need a better FHA resource than the one you have.