WHAT IS THE AVERAGE CLOSING COST ON $212,500 FHA LOAN IN FLORIDA?

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Question by Kimberly: WHAT IS THE AVERAGE CLOSING COST ON 2, dosage 500 FHA LOAN IN FLORIDA?
Everyone says that the closing cost should be around 2-3% of the loan – Does that include the Estimated Reserve/ Prepaid Cost? The type of loan is FHA with 3.5% down which is $ 7, sale 437.50.

Also let me know if you see any bogus charges that I can dispute with the Mortgage Broker.

Thank you!

Here are the est. costs on the Good Faith Est.

Estimated Closing Cost –

Items payable in Connection with the Loan :
Loan Origination Fee @ 0.500% is $ $ 1, this 062.50
Appraisal Fee : $ 350.00
Credit Report : $ 30.00
Processing Fee : $ 445.00
Admin Fee : $ 895.00

Title Charges
Settlement or Closing Fee : $ 625.00
Title Insurance Fee : $ 25.00
Endorsements : $ 200.00

Government Recording and Transfer Charges :
Recording Fee : $ 200.00
State Tax/Stamps : 721.34
Intangible Tax : $ 412.19

Additional Settlement Charges :
Survey : $ 275.00
Termite/ Pest Inspection : $ 75.00
Scanning Fee to Fort Dox : $ 15.00

Estimated Reserve and Prepaid Cost :

Items Required by Lender to be paid in Advance
Prepaid Interest 10 days @ $ 30.0558 – $ 300.56
Mortage Insurance Premium : $ 3,544.68.00
Hazard Insurance Premium : $ 2,160.00

Reserves Deposited with Lender :
Hazard Ins. 2 months @180.00 = $ 360
Mortgage Ins. $ 92.84
Property Tax : 4 months @ $ 245.00 = $ 980.00

Best answer:

Answer by bbbbbbbbbbbb
I would say the lender fees seem to be a little excessive.

Appraisal fee and credit report are standard.

BUT the other 3??
Orig fee $ 1062.50
Processesing Fee $ 445.00
Admin Fee $ 895.00
Total $ 2402.50

I am in Pennsylvania and these type lender fees would run around $ 1200. If I were you I would get another quote from another lender.

The rest of the Good faith looks ok..BUT is hazard insurance really $ 2160/year? Here it would run around $ 600/yr.

What do you think? Answer below!