Quick Calculation for Conventional
- Closing Cost is estimate of $3150 PLUS 1% of loan (i.e., if loan amount is $100,000 the total estimated closing cost would be $4150). PLUS
· Prepaids should be calculated at 2% of sales price (i.e, $100,000 would be $2000)unless the sales price is over $300,000 then use 1.5%. PLUS
- Down payment is based on loan type and preference (line 3A of contract). Minimum of 3% down (Restrictions apply)
- There is no Upfront MI or Funding Fee. PMI is paid until 20% equity (unless paid upfront as a one time cost)
· Conforming up to $417,000 (Jumbo over $417,000)
· Risked based pricing depending on credit score and down payment.
- Typically, the seller is allowed to pay closing