How much do you need before and at closing to buy a home?
Let's say you want to buy a home at $200,000
- You will need to show your good faith when you buy your home, you will need an earnest money deposit of 1%. In this example, you would need $2,000 at offer writing.
- After the offer has been accepted by the seller, you will need to have a home, radon and any other inspections necessary. Up to $600
- Depending on the lender, you may need to pay for your appraisal and loan application up front which maybe up to $600
$2,000 - Earnest Money Deposit
$600 - Inspections
+$600 - Appraisal and Loan Application
$3,200 - Total Needed Before Closing
Typically, closing costs up to 4% closing costs of the sales price.
$200,000 x 4% = $8,000
The closing costs may come from the seller. Though the total amount must be approved by the lender based on the loan type you are financing with.
For more information on hiring a buyer's agent for your next home, call (703) 474-1754
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