A Study of Closing Costs for FHA Mortgages
Susan E. Woodward
Sand Hill Econometrics
U.S. Department of Housing and Urban Development, Office of Policy Development and Research, May 2008
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.
Number of Pages in PDF File: 270
Keywords: HUD, HUD USER, FHA, mortgages, lending
Date posted: February 11, 2009