How much are you paying in closing costs?

[Dustin Little]

Everyone knows foreclosures are a great way to get a house at a bit of a discount. However, often times banks will not pay any closing cost or if you ask for them, say up to 3% of purchase price, someone else may not and their offer will get accepted over yours. I have now seen these costs reach more than $4,500 on a $60k purchase, that is a big percentage.

So, I was wanting to ask all of you how much you typically see closing cost and maybe fill us in on the details of the loan (ie. conventional, FHA, owner occupied or investment property).

As for me, the loan I am currently acquiring is for a HUD/owner occupied/foreclosed home. My offer was accepted at $61k and the closing cost for my conventional loan at 4.85% with 5% down payment is projected to be $4,541!