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A Study of Closing Costs for FHA Mortgages

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Author Info
HUD - PD&R
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.

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Paper provided by HUD USER, Economic Development in its series Economic Development Publications with number 39162.

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Length: 270 pages
Date of creation: May 2008
Date of revision:
Handle: RePEc:hud:wpaper:39162

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Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Baker, Matthew, et al, 2002. "Optimal Title Search," Journal of Legal Studies, University of Chicago Press, vol. 31(1), pages 139-58, January.
  2. Dwight Jaffee, 2006. "Monoline Restrictions, with Applications to Mortgage Insurance and Title Insurance," Review of Industrial Organization, Springer, vol. 28(2), pages 83-108, 03. [Downloadable!] (restricted)
  3. Nyce, C. & Boyer, M.M., 1998. "An Analysis of the Title Insurance Industry," Ecole des Hautes Etudes Commerciales de Montreal- 98-14, Ecole des Hautes Etudes Commerciales de Montreal-Chaire de gestion des risques..
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This page was last updated on 2009-11-29.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.