Window Shop for homes all you want on my website, and when you are ready, willing and able, let's discuss all your options in today’s market. Yes, you first need to have some money saved for down payment and closing costs, because in our present seller's market, don't expect the sellers to contribute to any of your costs. Next, you'll need a minimum of $3000 up front money, for things like earnest money, appraisal fees, home inspection fees, and option money fees.
Your down payment is determined by the type of loan you are approved for. FHA loans require a down payment of 3.5 percent of the sales price, and conventional loans, depending on the credit scores and history can require 5 to 10 percent down payment. USDA and VA loans are 100 percent financing, and require NO Money Down, however, there will be a VA funding fee that may be rolled into the note.
The normal amount of earnest money requested is one percent of the sales price of the home. For example if the sales price is $200,000, the earnest money will be $2,000. Appraisals can be approximately $400 to $500, and home inspections normally costs around $400 depending on the size of the home, and if you’ll require a termite inspection, it can be an additional $75. When you elect to take the option period, which gives you the right to terminate during that specific time period, that costs varies from $10 to $20 per day.
Being ready means that you are already Pre-Approved with a financial institution, or ready to get pre-approved from a local lender. Willing means that you are motivated and ready to work with a local real estate professional, who can assist you through the whole process from contract to closing. Being able means that you have the necessary funds for all the upfront expenses required in today’s market.
First time home buyers may qualify for various state or federal funding to help assist with the down payment and closings costs. Your local real estate professional can assist you with these resources that can help you get into your first home. Texas for example has programs for Texas Heroes. Through our Homes for Texas Heroes Program, Texas State Affordable Housing Corporation provides home buyer assistance specifically for teachers, police officers, correctional officers, firefighters, EMS personnel, and veterans meeting certain income requirements. These professionals have dedicated their lives to the welfare of Texas families, and they should be able to buy a home in the communities they have worked so hard to protect.
So continue to do your window shopping on my website at Homes For Sale in San Antonio, and call Jerry at 210-789-4216 when you are ready, willing and able to purchase your first or next home. If you are looking to move up into a larger home or your Dream Home, Find out Home Much Your San Antonio Home is Worth, and let’s get it on the market soon. Let’s beat the Spring Rush!