Wednesday, June 4, 2008

HUD Releases Report On Closing Costs

HUD Closing Costs HUD recently completed a study of closing costs using a national sample of FHA-insured, 30-year fixed-rate home purchase loans. Some of the results are disappointing, but likely not surprising to many. Among the findings:

People who got loans through brokers paid $300 to $425 more in closing costs than those who got them directly from lenders.

African Americans paid an additional $415 and Latinos paid an extra $365 on average.

Borrowers in neighborhoods where all adults have a college education are charged $1,100 less than borrowers in neighborhoods where no adults have a college education.

For those who need some bedtime reading material, the 270 page report can be downloaded at

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