Fungirl, Home Buyer in Washington, DC

Break down of funds needed.

Asked by Fungirl, Washington, DC Tue Dec 11, 2012

Good Mornig.
Can someone give me a break down of approximaely what I will need to purchase property in the amount of $125.000? How much will I need in total, includeing all fees. Closeing cost, inspection fees, appraisal fee etc. Once all fees have been paid, how much cash will I need to bring to the table?
Thank you.

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The first thing to do when contemplating making a home purchase is to get in touch with a very good loan officer and obtain a mortgage pre-approval. What this does is tell you "how much home you can afford" to purchase and at what costs. Usually, the mortgage lender will issue a work sheet or a "Good Faith Estimate" showing you the complete "estimated" costs of making a purchase at a particular price. These estimated costs will include most of the items listed in your question.

Apart from the above, the most important thing I would suggest to you would be to hire a Realtor to assist you in your purchase. It's best to do this at the beginning rather than start the process on your own. Your Realtor will then be able to send the listing for your property off to your loan officer, who will then be in a position to provide you with more realistic numbers for a purchase.

If I can be of assistance to you, please do not hesitate to call on me.
0 votes Thank Flag Link Tue Dec 11, 2012
Even lenders will not be able to give you the exact answer because it really depends on the service providers being hired for different jobs. I say budget around 4% of the sales price to cover closing costs, inspection and appraisal fees. If your lender charges you for discount points and origination fees, that will increase your closing expenses. If you need referral for an experienced lender, let me know.
Michael Huang
Kirin Realty
0 votes Thank Flag Link Tue Dec 11, 2012
Hi Fungirl,

These questions should be answered by your lender.
Each deal is different. Would you be asking for closing costs assistance?
Appraisals can be around $400-$450. Inspectors have a wide range of prices depending on what you are inspecting, how precise the inspection is and the size of the property. Have you found a lender to work with? Contact me and I will refer one to you.
0 votes Thank Flag Link Tue Dec 11, 2012
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