When you find the perfect house you wish to buy you will also get a rough estimate for closing costs so you have a clue about what is expected of you as you come close to settlement.
Good Luck to you in this venture and hopefully you will find all that you need with this stressful yet exciting process.
As a 1st time buyer...... you should have a Confidential conversation directly with a BUYERS AGENT.
Sheri is an accredited Buyers Agent and we have been in the business in helping 1st time Buyers for over 17 years.
Feel free to give us a call so.... we can have a confidential conversation.
All the Best, John + Sheri 1-866-473-6290 (direct)
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
If you both want to go on the mortgage then the dtate bond program will be the way to go.You will get a lower interest rate and may be able to get money toward your costs.You have asked a lot of good questions that deserve complete answers.I specialize in firstime buyers and would like to sit down with both of you for a no o ligation session where you will gain a complete understanding of the buying process.Please contact me to setup a time that is convienient for you both.
Don A. Sherman
Century21 Advantage Gold
The more money you put down, the more options you have. But it is not just a down payment you need to consider. If you buy in Philadelphia, you will have a transfer tax to pay along with other customary fees such as those to your mortgage lender such as appraisal and app fees, and of course the home inspections and title insurance.
There are options to offset those costs by asking the seller to assist with some of the closing costs. The best advice is to speak with a mortgage professional and Realtor to determine your buying power and to begin to search for homes that are within your reach.
Best of luck and feel free to contact me with any further questions.
Barbara L Smith ABR, SFR, GRI
Licensed NJ & PA
*5 Star Professional*, Phila Mag, Sept. 2012
First off congratulations on your decision to become homeowners! I would love to answer your questions regarding down payment and closing costs. Send me a text, email or just call me and I will be glad to answer all of your questions soup to nuts on the home buying process.
FHA requires that you have 3.5% of the purchase price for down-payment.
Some other programs VA USDA and PHFA requires no down payment but they may or may not be available to you or the best program for you.
As for closing costs, they can be paid by the seller with a seller assist
. If you have more than 3.5% to put down it may save you money to put a larger down payment down.
Give me a call and I will be happy to work up some numbers for you
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960