Closing Cost, Taxes, Escrow and sellers concession - NY

[Wayne Stevens]

Hey all,

I recently asked the loan officer I'm dealing with for a breakdown of what I'll need for closing cost aside from my down payment. I am doing a FHA loan. This is what he wrote to me and just want to make sure this seems right. I see a lot of post with must less but not sure if it's because it's an FHA loan and more is required or if maybe it's just the way New York is? Also if I get a sellers concession for these closing costs, does that amount typically get added back into my loan?

For example: If total amount of seller concession is $10,000 and we agree on a selling price of $300.000, will that $10,000 get added to the $300,000 and become $310,000 - the down payment?

Thanks!

-Wayne

***BREAKDOWN MY LOAN OFFICER GAVE ME BELOW***

Hi Wayne,

These are rough estimates because I don’t know what your taxes are.

Estimated Closing Costs

Underwriting/Processing to Family First - $1,895

Estimated Homes Owners Insurance Policy – $1,300 (Paid outside of closing, 1 year paid in full required from an insurance company of your choice)

Appraisal Fee: $600 (Paid Outside of Closing Directly to Appraisal Company)

Interim Interest: $500

Bank Attorney Fee: $950 (Usually Paid Outside of Closing Directly to your Attorney)

Owners Title Insurance: $1,698 (Required, protects you from past liens or judgement from seller that might hit your property)

Tax Searches / Lien Searches: $1,000 (Your attorney orders these searches and provides us with the bill)

Lender Title Policy: $349

Endorsements: $85

Recording Service Fee: $160

Recording Fee to Suffolk County: $600

Mortgage Tax to Suffolk County: $2,600

Escrow Account Figures –

You will need to establish an escrow account cushion at closing. We will need to collect approximately 3 months of Insurance and 3 months of Tax escrows.

Insurance Escrows 3 x $110 = $330

Tax Escrow 3 x $750= $2250

This should give you a good idea of what the costs associated with your loan will be.

Please review and call me with any questions.