According to the Texas Real Estate promulgated contract, TREC 20-8, dated 06-30-08, the Buyer's Expenses may include all or some of:

Loan origination, discount, buy-down, and commitment fees (Loan Fees).
Appraisal fees;
Loan application fees;
Credit reports;
Preparation of loan documents;
Interest on the notes from date of disbursement to one month prior to dates of first Monthly payments;
Recording fees;
Copies of easements and restrictions;
Mortgagee title policy with endorsements required by lender;
Loan-related inspection fees;
Photos;
Amortization schedules;
One-half of escrow fee;
All prepaid items,including required premiums for flood and Home owner's insurance, reserve deposits for insurance, property taxes and Special governmental assessments;
Final compliance inspection;
Courier fee;
Repair inspection;
Underwriting fee;
Wire transfer fee;
Expenses incident to any loan; and
Other expenses payable by Buyer under the contract.

As a rule of thumb, these expenses vary between 4% and 6% of the purchase price. For example, if the purchase price is $100,000, your closing costs will fall between $4,000 and $6,000 approximately.

The closing costs are separate from your downpayment, and it depends on what kind of loan you get. VA: 0%, FHA: 3.5%, Conventional: 5%, Investor loans: 10%. These amounts are minimums. You can contribute more downpayment if you want.

If you have more questions, please do not hesitate to Email me or contact me at 713-589-3234 for more information.

As a By Referral Only®, and C.N.E., C.D.P.E, REALTOR® , I am committed to providing such extraordinary service and expertise that you will gladly refer your friends, family and acquaintances. With your help I am able to build strong business relationships one person at a time.