All Forum Posts by: Jay Ag

 How much are you borrowing? If under 100K you might see a higher origination cost. Definitely more than average.

Thank you @John Warren . @Jay Ag here is the part others are missing on the comment "Is 4% origination fee high?" Maybe and maybe not. Is this an FHA self sufficiency issue. Meaning did you have to get the payment low enough to qualify ? Do you have a DTI issue? So then the payment had to be lower to qualify? Did we have to keep your ratios below a certain point? On the surface it seems high, but talk to your lender and ask. This is a tough answer to give when we don't know your fico, income, your transaction, the rents on the multi unit appraisal and more. A good lender should be able to explain that to you. Private message me with any other questions

@Jay Ag where is the property? the total closing costs should be anywhere from 4.5% - 5.5% of the loan amount. If 4% is the total closing costs that's great, although if that's just the origination fee? seems very high, typically origination shouldn't be over 2% of the loan amount. If your total closing costs are over 5.5% of the loan amount and there was no prior discussion as to why, I would suggest shopping around to explore better options.

Any questions let me know!