Closin hud help hard money
Closing on a property in Wilmington DE soon. Purchase price 45000 and rehab is 50000. My closing costs are 26000. This seems really high to me
X
Can this amount increase after closing? $81,304.75 NO NO NO
12% $836.31
Does the loan have these features? NO
NO
Payment Calculation Years 1-30 Principal & Interest
Mortgage Insurance
Estimated Escrow
Amount can increase over time
Estimated Total Monthly Payment
Estimated Taxes, Insurance & Assessments
Amount can increase over time See page 4 for details
Costs at Closing Closing Costs
Cash to Close
CLOSING DISCLOSURE
$836.31
+
+
-
-
$836.31
This estimate includes In escrow? Property Taxes Homeowner's Insurance
$0
a month
See Escrow Account on page 4 for details. You must pay for other property costs separately.
$62,251.61
Includes $56,039.80 in Loan Costs + $6,211.81 in Other Costs. See page 2 for details.
$26,251.72
Includes Closing Costs. See Calculating Cash to close on page 3 for details
Closing Cost Details
At Closing Before Closing Before Closing At Closing Borrower-Paid Seller-Paid Paid by Others Loan Costs A. Origination Charges $0.00 01% of Loan Amount (Points) 02 Application Fee 03 Mortgage Broker Fee 04 Origination Fee 05 Processing Fee 06 Underwriting Fee B. Services Borrower Did Not Shop For $54,875.00 $35.00 01Credit Report Fee to Investor Lending USA $50,335.00 02 Escrow for Construction to Investor Lending USA $10.00 03Flood Cert Fee to Investor Lending USA $3,500.00 04Lender Fee to Investor Lending USA $995.00 05 Processing Fee to Investor Lending USA C. Services Borrower Did Shop For $1,164.80 $25.00 01Title - Courier/Photocopy Fee to Ward & Taylor, LLC $125.00 02Title - CPL to Fidelity National Title Insurance Company $319.80 03Title - Lender's Title Insurance to Ward & Taylor, LLC $445.00 04Title - Settlement Fee to Ward & Taylor, LLC $200.00 05Title - Title ExaminationTOTAL LOAN COSTS (Borrower-Paid) $56,039.80 Loan Costs Subtotals (A + B + C)$56,039.80
Other Costs
E. Taxes and Other Government Fees $1,463.00 $563.00 01 Recording Fees Deed: $116.00 Mortgage: $308.00 $337.50 $337.50 02 Transfer Tax-County to City of Wilmington $562.50 $562.50 03 Transfer Tax-State to New Castle County 04 F. Prepaids $4,163.11 $3,866.00 01 Homeowner's Insurance Premium (12 mo.) 02Mortgage Insurance Premium ( mo.) to Investor Lending USA $297.11 03Prepaid Interest ($27.01 per day from 9/20/2018 to 10/1/2018) 04Property Taxes ( mo.) 05 G. Initial Escrow Payment at Closing $0.00 01 Homeowner's Insurance 02 Mortgage Insurance 03 Property Taxes 04 City/Town Taxes 05 County Taxes 06 Aggregate Adjustment H. Other $585.70 $100.00 01 Broker Fee to Weichert Realtors $1,000.00 $0.00 02Commission Listing Agent to Meyer & Meyer Realty $1,500.00 $0.00 03 Commission Selling Agent to Weichert Realtors $134.65 04Final Utility Billing to City of Wilmington $350.00 05 Survey to East Coast Survey legal $1.84 06Tax Balance NCC to New Castle Countyaccurate as of 9/12 $135.70 07Title - Owner's Title Insurance to Ward & Taylor, LLC I. TOTAL OTHER COSTS (Borrower-Paid) $6,211.81 Other Costs Subtotals (E + F + G + H)$6,211.81 J. TOTAL CLOSING COSTS (Borrower-Paid) $62,251.61 Closing Costs Subtotals (D + I) $62,251.61 $3,536.49 Lender Credits
CLOSING DISCLOSURE
Calculating Cash to Close Use this table to see what has changed from your Loan Estimate.
Loan Estimate Final Did this change? Total Closing Costs (J) $62,251.61 $0 YES Closing Costs Paid Before Closing$0 $0 NO Closing Costs Financed (Paid from your Loan Amount) $0 $0 NO Down Payment/Funds from Borrower$0 $0 NO Deposit -$1,000.00 $0 YES Funds for Borrower -$36,304.75 $0 YES Seller Credits$0 $0 NO Adjustments and Other Credits $1,304.86 $0 YES $26,251.72 $0 Cash to Close
Summaries of Transactions BORROWER’S TRANSACTION
Use this table to see a summary of your transaction. SELLER’S TRANSACTION
K. Due from Borrower at Closing $108,556.47 01 Sale Price of Property $45,000.00 02Sale Price of Any Personal Property Included in Sale
03 Closing Costs Paid at Closing (J) $62,251.61 04 Adjustments 05 Final Utility Billing 09/20/18-09/30/18 $15.08 06 07 Adjustments for Items Paid by Seller in Advance 08 City/Town Taxes 09/20/18 to 07/01/19 $577.45 09 County Taxes 09/20/18 to 07/01/19 $712.33 10 Assessments 11 12 13 14 15
L. Paid Already by or on Behalf of Borrower at Closing $82,304.75 01 Deposit $1,000.00 02 Loan Amount $81,304.75 03Existing Loan(s) Assumed or Taken Subject to 04
05 Seller Credit Other Credits 06 07 Adjustments 08 09 10 11 Adjustments for Items Unpaid by Seller 12 City/Town Taxes 13 County Taxes 14 Assessments 15 16 17 CALCULATION
Total Due from Borrower at Closing (K)
$108,556.47
Total Paid Already by or on Behalf of Borrower at Closing (L) -$82,304.75
Cash to Close From To Borrower x
$26,251.72
CLOSING DISCLOSURE
M. Due to Seller at Closing$46,304.86 01 Sale Price of Property $45,000.00 02Sale Price of Any Personal Property Included in Sale 03 04 05 Final Utility Billing 09/20/18-09/30/18 $15.08 06 07 08 Adjustments for Items Paid by Seller in Advance 09 City/Town Taxes 09/20/18 to 07/01/19 $577.45 10 County Taxes 09/20/18 to 07/01/19 $712.33 11 Assessments 12 13 14 15 16
N. Due from Seller at Closing$3,536.49 01 Excess Deposit
02 Closing Costs Paid at Closing (J) $3,536.49 03Existing Loan(s) Assumed or Taken Subject to 04Payoff of First Mortgage Loan to 05Payoff of 2nd Mortgage Loan to 06 07 08 Seller Credit 09 10 11 12 13 Adjustments for Items Unpaid by Seller 14 City/Town Taxes 15 County Taxes 16 Assessments 17 18 19 CALCULATION
Total Due to Seller at Closing (M)$46,304.86 Total Due from Seller at Closing (N)-$3,536.49 Cash From x To Seller $42,768.37