Home Acquisition Closing Costs

Closing costs associated with the purchase of a home at the new location are reimbursable if you are a homeowner at the time of accepting employment. Closing costs are reimbursable at a cap of 5% of the purchase price.

A copy of the signed or certified Housing and Urban Development (HUD) settlement statement is required for reimbursement of closing costs.

The closing on the new home must occur no later than 2 years after your report-to-work date.

Use the following list of common closing costs for purchasing a new residence to determine what is allowable and can be submitted for reimbursement.

Reimbursable receipted costs include but are not limited to the following:

• Appraisal fees
• Credit report fee
• Document preparation/review fees
• FedEx, fax, courier, postage charges
• Impact fees
• Inspection fees if customarily paid by buyer (structural, pest, asbestos, radon gas, etc.)
• Legal, attorney, notary fees (not including cost of litigation)
• Loan origination fees (not to exceed 1% of the mortgage)
• Recording fees
• Settlement/closing fees
• Survey fees
• Tax service fees
• Tax stamps
• Title abstract fees (search and examination)
• Title insurance (lender’s mortgage coverage)
• Title insurance (owner’s coverage, if carried by the relocating employee on the old residence); proof of previous coverage required

Unallowable costs not reimbursable include but are not limited to the following:

• Home warranty fees
• Loan discount points, discount fees, buy-down fees
• Litigation costs
• Property/mortgage insurance costs
• Real estate broker’s fees and commissions
• Taxes
• Title insurance (owner’s coverage, if not carried by the employee on the old residence)
• U.S. Department of Veterans Affairs or Federal Housing Administration discount points

If you have questions about home acquisition closing costs, be sure to contact the relocation administrator.