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A Study of Closing Costs for FHA Mortgages

U.S. Department of Housing and Urban Development, Office of Policy Development and Research, May 2008

270 Pages Posted: 11 Feb 2009  

Susan E. Woodward

Sand Hill Econometrics

Date Written: May 2008

Abstract

This study presents findings on how much borrowers pay in closing costs when they buy a house, how much these costs vary, and factors to which the variation is related. The analysis uses data from a national sample of 7,560 FHA-insured, 30-year fixed-rate home purchase loans. Data were collected on how much borrowers paid for lender or broker services, title services, and real estate agent's services, and linked to information on borrower and loan characteristics, including loan amounts, interest rates, credit history, income, borrowers' race and ethnicity, and the racial composition and educational attainment in the borrower's neighborhood. The analysis focuses in turn on fees paid to lenders and mortgage brokers, to title companies, and to real estate agents.

Keywords: HUD, HUD USER, FHA, mortgages, lending

Suggested Citation

Woodward, Susan E., A Study of Closing Costs for FHA Mortgages (May 2008). U.S. Department of Housing and Urban Development, Office of Policy Development and Research, May 2008. Available at SSRN: https://ssrn.com/abstract=1341045

Susan E. Woodward (Contact Author)

Sand Hill Econometrics ( email )

1682 Oak Avenue
Menlo Park, CA 94025
United States
650 322 7456 (Phone)

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