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closing costs too much?
Written By: admin on August 17, 2009
One Comment
I am buying a 60,000 townhome with a VA loan. My lender is saying I have to bring 1000 to closing, after my 1000 earnest money and after 1600 HUD is paying in closing.. seems a small high to me. Every thing I have found online says closing costs 3-5%, this is approaching 6%.
No shit, I know what earnest money is, and that money can go to either part of a down payment or closing costs in this situation.
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Tags:
closing costs,
earnest money,
HUD,
HUD VA,
townhome
Tags: closing costs, earnest money, HUD, townhome
For starters, earnest money is not part of closing costs. It’s simply a downpayment against the amount of money owed on the buy price of the property.
Your costs of $2600 for this property are not out of line.