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Buying a home....

If you buy a house between $90,000-100,00.... Have about a $10,000 down payment.... What other cost may come up? ....
-How much are closing cost? (ive heard the seller may cover them?)
-I know there is inspection cost..

We are just starting to save for a house & im hoping over the summer we can have the $$ to start looking... But Im just scared we are going to jump too soon & really screw up but we need a home asap!

 
Anonymous

Asked by Anonymous at 5:18 PM on Mar. 14, 2011 in Home & Garden

This question is closed.
Answers (8)
  • Do some homework since you have time. Stop into your local bank and get educated by asking to speak to someone about mortgages. Tell them your situation and they will have tons of info for you. Ask about first time homeowners loans too. Also, talk to a realtor and ask a bunch of questions about down payments, fees, and inspections. You can also call a few home inspectors and ask what they charge. It can be daunting but very exciting too. GL!
    elizabr

    Answer by elizabr at 7:10 PM on Mar. 14, 2011

  • Without 20% down you will still be paying PMI every month so make sure you add that into your payment when predicting what you can afford. Closing costs are normal anywhere from the seller pays it (not normal but some will to move a house) to $3000 or more especially if you are buying points.
    jamesonjustines

    Answer by jamesonjustines at 6:55 PM on Mar. 14, 2011

  • In some state first time home buyer don't need a down payment. Inspections and such *can* be worked into the loan. Keep in mind that whatever the estimated mortgage payment it may go up by as much as $100 at the table. Since there are so many things that varie from state to state just go ahead and call a lender to see what you qualify for. You may find that there are things on your credit report from YEARS ago that need to be taken care of first. (we did) A lender can give you much better answers knowing your budget and credit allowance.
    But_Mommie

    Answer by But_Mommie at 5:22 PM on Mar. 14, 2011

  • The seller generally pays the realtor fees which is usually 3% of the selling price. If you use a realtor to buy the house, they may also ask for 3% (or so) which you may be able to roll into the loan. Inspections can cost a few hundred dollars.
    MichaelsMom330

    Answer by MichaelsMom330 at 5:24 PM on Mar. 14, 2011

  • Try to go ahead and save for closing costs. Sellers are more likely to accept an offer from somebody who does not want them to pay closing. We used that to our advantage. There were 8 bid on our house. All I know is that we did not have the highest bid, BUT I know the sellers accepted our offer becuase we did not want them to pay closing. So I think you should keep that in mind.

    Check out programs that are available. My husband works for the City. The City had a program where they gave you $5000 towards downpayment, paid ALL the up front costs and paid ALL of the closing costs. If we move within five years (three years down) we have to pay them back. We also got the government 0% interest loan (we acted when it was a loan) for $7500. Sooo we made out like bandits. All of those little extras moved us into a nicer, bigger house in a better neighborhood.
    kc932

    Answer by kc932 at 6:40 PM on Mar. 14, 2011

  • Inspections and stuff are usually ordered by the bank and will be included with your closing costs. We bought a house several years ago for $100k and we paid about $3500 in closing costs. Don't forget that you will have to pay PMI if you don't put 20% down, that will probably add $100/month to your mortgage payment.
    slw123

    Answer by slw123 at 8:21 PM on Mar. 14, 2011

  • If you find a house you like you can ask the seller to pay your closing costs. You never know. They may even come back and say they will pay half> depending on how bad they want the house to sell.
    Anonymous

    Answer by Anonymous at 11:22 PM on Mar. 14, 2011

  • Sorry IDK but surely here is a bump.....
    AnuMeha

    Answer by AnuMeha at 11:39 PM on Mar. 14, 2011

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