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· The fifth item in the optional “Calculating Cash to Close” table is the absolute value of the sum of the previous four lines disclosed with a statement of the estimated amount due to or from the consumer – as “Cash to Close From To borrower” (bold-face type required) under the “Loan Estimate” and “Final” columns.
It’s the LE (Loan Estimate) key word is "Estimate" the "Estimate" is usually always higher/worse case scenario. And the Cash from (means Cash from you, cash you need to bring to close) and "to borrower" means cash you would be receiving if there’s a rebate/credit towards closing costs, or if you over paid all of your fees and you’re to receive money back.
Cash at Settlement. Earlier we mentioned the concept of cash at settlement. This is where the sales price of the home, deposits held by attorneys, mortgage, down payments and closing costs all come together, and the attorneys figure out who has to pay what amount. Home buyers will pay the cash at settlement from the borrower.
FHA Loans and the Cash Needed At Closing Time When it’s time for you to close your FHA home loan, you’ll be required to pay cash up front for certain items not to be included in the loan amount. These items include Up Front Mortgage Insurance Premiums or UFMIP, and the down payment.
After subtracting the $5,000 to be paid by the seller, the cash due from the borrower at closing was estimated to be $11,000 – the cash to close was $4,000 over the Minimum Required Investment of $7,000 (3.5% of the purchase price).
Estimated Cash to Close From To Borrower Estimated Closing Costs Financed (Paid from your Loan Amount) FHA Loans and the Cash Needed At Closing Time – FHA Loans and the Cash Needed At Closing Time. When it’s time for you to close your FHA home loan, you’ll be required to pay cash up front.
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