Good luck with your purchase. If I can ever be of assistance to you in any real estate matters, please feel free to contact me anytime. Have a great week.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Home inspection should be approximately $300-400.
There is normally an appraisal cost on a purchase at the time it's done, but for a VA mortgage the veteran usually pays that as part of the closing costs instead of paying for it during the loan process.
Like has been pointed out, the closing costs will vary depending on the sales price of the home. In PA there is a 1% transfer tax per each side (buyer/seller) which makes your closing costs a little bit higher than average across the U.S. Also because VA loans require you to set up an escrow account to pay your property taxes/homeowners insurance into, the amount of property taxes will also play a part in how much your total costs are at closing.
On a $390k home in Feasterville awhile back the closing costs came out to $7k (including the 1% transfer tax) + the pre-paid/escrow account was another $7k, totaling $14k. In the actual city of Philadelphia on a $178k sales price the closing costs also came out to $7k (appears there was a 1% transfer tax per PA + another .5% per the city) + pre-paids/escrow account was another $3.5k (considerably lower property taxes), totaling $10.5k.
I can't speak for the market in Philadelphia right now, but in most parts of the U.S. it is still very much a buyers market and sellers are willing negotiate in order to make a deal, including paying some or all of the buyer's closing costs if that is what it takes. From the 10 years I've been doing mortgages it isn't too uncommon for the seller to pay up to 3% of the sales price towards the buyers costs, above that percentage there is usually more resistance, but it is all up for negotiation. If your real estate agent is saying that sellers do not pay closing costs/discourages you from asking for them, but that is what you want to do, then I'd continue to search for a real estate agent.
Just call me, It will be easier to go over the process on the phone. With a VA loan, the Seller can pay for all of your closing costs, and you do not need to use an attorney in Pennsylvania if you do not want to. I have a lender that can speak to you, this particular lender specializes in VA loans.
Prudential Reddington Realtors
267 763 0607
For buyers, my company tends to use 3% (of sales price) in the suburbs and 4% in the city limits as a rough estimate for closing costs. It will all depend however on which mortgage company you choose. A word of advice, when interviewing mortgage companies, do not be concerned with the interest rate offered at this time, as that will fluctuate before you lock it in, but instead focus on their fees.
Yes, I am having much success getting max closing costs permitted by law built into my transactions.
Please feel free to contact me should you need anything further.
I am happy to run you closing costs and explain what they entail.