
     The following guide will assist you in estimating the closing
costs related to getting a new loan and buying a home.  These
figures are only estimates and the actual charges due at settlement
may be different depending on the loan type and lender.  You should
contact your lender for guidance related to the fees they may charge.
________________________________________________________________________

                            YOUR RIGHTS
                            ===========
     The Real Estate Settlement Procedures Act (RESPA), 
which was enacted on June 20, 1975, requires that the lender 
provide you with a Housing and Urban Development (HUD)-approved
booklet about settlement costs.  The lender must provide you 
with a good-faith estimate of the itemized settlement or 
closing costs you are likely to incur.  By law, the lender is 
required to provide the booklet and cost estimates to you 
within three days of loan application.  Many lenders will provide 
this information at the time the loan application is made.  Under 
Regulation Z (the Truth-in-Lending regulation), the lender is also
required to provide you with a Truth-in-Lending statement that 
discloses the annual percentage rate (APR) or effective interest 
rate of your loan.  The Truth-in-Lending statement is not required 
until the final loan papers are to be signed.  If you are seeking
an adjustable rate mortgage (ARM), Regulation Z requires the 
lender to make available the following:

     1.  The educational brochure about ARMs called the
         Consumer Handbook on Adjustable Rate Mortgages
         or a reasonable substitute.

     2.  Complete disclosure of all the terms and 
         conditions of each ARM program.

     3.  An explanation of how to calculate payment 
         amounts for your loan, and an example showing
         the effect on changes in payments for a $10,000
         loan in response to actual historical data using
         the index to be applied.

     4.  A statement showing the initial and maximum 
         interest rates and payments for a $10,000 loan
         originated at the most recent rate, using the
         historical example above.

     RESPA also provides certain prohibitions against kick-
backs and unearned fees and requires appropriate disclosures.  
You should inquire about fees paid to third parties as loan 
finders fees, or other forms of charges passed through.  They may
be prohibited.  Also, REALTORS and sellers are subject to 
disclosure requirements which require disclosure of ownership
information (i.e. where the REALTOR is also the seller) and, in 
limited cases, disclosure of previous sales price on existing 
homes.

     Even though the lender and (and in some cases the REALTOR)
has to meet these guidelines, you have the right to request and 
receive information concerning all aspects of the loan you are 
seeking, at the time of application for the loan.  

     While these regulations are designed to protect you, your
best protection is to consult with an independent attorney who can
guide you through the intricacies of the sales contract and all 
closing documents.
  ___________________________________________________________________________

     Listed below are the normal Estimated Settlement Charges 
encountered in the process of buying a home.  You should use this
information as a guide to calculating the total cash required to 
move into your new home.  Each of these costs are typically 
negotiated between the Buyer and Seller, regarding who pays.  If 
one party is prohibited from paying a certain cost, depending on
the type of loan, it is so noted.

     When you see the word "call", this means you should 
contact your lender for this figure.  "N/A" means "not applicable".

     REFINANCED MORTGAGES typically involve certain fees related 
to Points, Loan Origination Fees, Private Mortgage Insurance (PMI),
Property Inspections, Credit Reports, Surveys, Underwriting Fees, 
Title Policy Fees, Prepaid Costs, Legal and Recording Fees, etc.
Contact your lender to determine the costs you will incur, if 
refinancing.
                                                                 
                                                          Usually Usually
                                                           Paid    Paid
                            VA       FHA    Conventional    by      by
 CLOSING COSTS                  Loan      Loan       Loan       Buyer   Seller
 __________________________   _______   _______  ____________  _______ _______
 Appraisal Fee                $200.00   $200.00       $350.00             X  
 Credit Report                  50.00     50.00         50.00      X
 Survey                        235.00    235.00        235.00             X
 Mortgage Title Policy          60.00     60.00         60.00      X
 Attorney/Document Prep.  *    175.00    175.00        175.00      X      X
 Escrow Fee               **    80.00     80.00         80.00      X      X
 Copies of Restrictions   *     10.00     10.00         10.00      X
 Amortization Schedule    *     10.00     10.00         10.00      X
 Points (_% x Loan Amount)**   ______    ______        ______      X
 Recording Fees                 40.00     40.00         40.00      X
 Private Mortgage Insurance       N/A      call          call      X
 Loan Origination Fee
   (_% x Loan Amount)          ______    ______        ______      X
 Tax Service Contract Fee       75.00     75.00         75.00      X
 Underwriting Fee              150.00    150.00        150.00      X
 Assignment of Lien              5.00      5.00          5.00      X
 VA Funding Fee
   (1% of Loan Amount)         ______       N/A           N/A      X
 Final Inspection Fee          250.00    250.00        250.00      X
 Title Policy                    call      call          call      X

   *  If the veteran pays the Loan Origination Fee, he/she is not 
      allowed to pay these items.

   ** Allowable to veterans for refinanced loans only.


                    Months
                      in
 PREPAID COSTS           Advance
 ______________          _______
 Homeowner's Insurance   *  12   call      call          call      X
 Insurance Escrow        * 2-5   call      call          call      X
 Taxes Escrow            * 3-5   call      call          call      X      X
 Mortgage Insurance
   Premium (PMI)         **       N/A      call          call      X
 Daily Interest from
   Closing to the end
   of the month          ***     call      call          call      X

   *   Equals Annual Insurance or Property Taxes divided by 12, 
       times number of months in advance [ (Annual Insurance or 
       Taxes/12) x months in advance ].

   **  Equals Annual PMI divided by 12, times number of months 
       in advance [ (PMI/12) x months in advance ].  When the Loan
       Balance falls below a certain threshold (depending on the
       loan type), this monthly charge will cease.

   *** Equals Annual Interest Rate divided by 360, times the number 
       of days to the end of the Month [ (Annual Rate/360) x days to 
       month end ].

 OTHER COSTS
 ______________
 Pest Inspection              $75.00     $75.00        $75.00      X
 Property Condition
   Inspection                $325.00    $325.00       $325.00      X

  ___________________________________________________________________________
           COMPUTATION OF TOTAL CASH REQUIRED FOR CLOSING
  ___________________________________________________________________________

TOTAL COST OF CLOSING,
 PREPAID AND OTHER COSTS        $________________

 (Plus)     DOWN PAYMENT         ________________

 (Equals) TOTAL MOVE IN
         (CLOSING) COSTS        $________________


   EXAMPLE: The above data indicates a Buyer would have to be prepared to
       pay an estimated $1305, plus Points, plus Origination Fees, 
       plus Prepaid Costs, plus the Down Payment to purchase a home 
       under a CONVENTIONAL MORTGAGE program.
