I suggest you meet face-to-face with a Loan Officer and go over the possible scenarios so that you have a real good idea of how much cash you'll need and if its necessary, how much seller concession you'll need. These are very important details to know before you begin looking for a house. I'm always available if you need a good Loan Officer to work with. Good luck!
Senior Loan Officer
Sterling National Bank
Out of pocket costs will generally be any home inspections costs ($200 to $350), home insurance ($600 to $1200 depending on the value of the home), appraisal fee (around $475).
The closing costs are generally around 6% of the total cost of the home, but your lender will let you know if those can be incorporated into the loan or not, and how much you will need to bring to escrow, before closing.
Once you close, remember the utility deposits (generally $100 per utility).
It is always a good idea to look at the HUD-1 form that is provided by the lender and/or escrow, as this form will tell you how much money you will need to bring to the table, upon closing.
Coldwell Banker Residential - Brentwood
11999 San Vicente Blvd, #300
Los Angeles, CA 90049
Generally I tell my clients to reserve 6 percent of the house cost as their closing costs. You would be wise to consult a mortgage representative who can give you a complete breakdown of exactly what you need to spend and what your monthly spend will be on the house. Feel free to call rich Murphy from Wells Fargo 6317862908 and I am sure he will answer all your questions and more. Good luck on your sale if you have any further questions feel free to contact me 6313523210
Appraisal for mortgage company
Home Owner's insurance prepaid for one year
Additional Closing Costs which includes bank fees, title company fees, prepaid real estate taxes and utilities reimbursement.
It's always recommended to budget towards the higher end of anticipated closing costs. It's much better to spend less than anticipated than to receive a higher amount than budgeted for.