CAN I BUY A HOUSE? HOW CAN I FIND OUT IF I CAN?
Here are the answers in response to that question.
Yes - You will need money$$$ - but don't get scared - you may be surprised that you have enough
To buy the house, that is the largest amount of money needed. You will fill out a buyers financial questionnaire and we will have you talk to a mortgage lender to see what type of loan you qualify for and for how much. That will determine the sale price of the home, what price range you should be looking at. We will learn what the down payment amount that is required will be and what the closing costs are based on the sale amount of the home. Down payment will vary with the type of loan and closing costs are usually 3% of the sale price of the home.
There is also: Earnest money - what you offer the seller with the offer to buy. It shows you are "serious" about your offer. That will be credited back to you at settlement as part of your down payment. That is usually $1000, or more in some circumstances. These are paid to the broker who has the listing, not the seller. There are fees to the lender, application fee, appraisal fee, usually about $800. There is the home inspection, which is usually less than $450.
If you are short of cash, we can discuss with your lender having a seller "assist" in closing costs.
This is just a brief explanation. For a more in-depth discussion, don't hesitate to call me.