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A Study of Closing Costs for FHA Mortgages


Authors: Urban Institute     Woodward, Susan E., Ph.D.    

Report Acceptance Date: May 2008 (270 pages)

Posted Date: September 04, 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.

Publication Categories: Publications     Housing Finance     Mortgages and Mortgage Lending    


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