Here is what is available in EPA right now to consider up to 300k which start at 207k which is only $1,050 down and approx. $1,515PITI and up.
Click the following URL to see the listings:
Here is a flyer and needs list to gather for loan processing your approval. I can issue a pre-approval to get you out shopping for the home of your choice today...
CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Broker â€“ Sr. Loan Officer
Unfortunately, none of here can provide you with an accurate answer on this question since a great deal depends on your credit history, FICO score, debt ratio and income. We can give you "general costs" but to really determine how much this will cost you, please contact a qualified FHA mortgage specialist for assistance.
FHA requires all homeowners to have a down payment equal to at least 3.5% of the sale price of the home. So, for example, at $250,000, you'd be required to have a down payment of at least $8,750. However, that's not the only amount that you'll need to purchase a home.
Since East Palo Alto is located in San Mateo County, as the buyer, you will also be required to pay for:
1. Title Charges for you as the buyer, and a second title policy for your mortgage company
2. Escrow Fees
3. Recording Costs
4. Inspections (Home Inspection and Termite Inspection)
5. 1/2 of the City Transfer Tax
6. Insurance for the home
7. Property Taxes from the date you take possession
8. Costs related to loan origination fees, points and charges
Title and insurance fees vary based on the company that is being used and the amount of insurance required by the mortgage company. Documentary and notary charges are about $150 per transaction. Inspections for a smaller home can range from $500-700. The insurance cost will vary, but plan on about $800 per year for a fire and liability policy. Loan fees will vary based on your credit history. The better your credit score, the less fees you'll incur, but, again, the only way to determine the cost is to talk with a qualified mortgage broker for assistance.
On the average, however, you're looking at another $6000-8000 in loan and closing costs, so you'll need as much as $16000 to purchase a home worth $250,000 in East Palo Alto.
Again, before you do anything, talk with a mortgage broker or FHA loan representative who can review your financials, tax returns and your credit history and give you the best and most accurate estimate of the money you'll need to purchase a home.
Grace Morioka, SRES
Area Pro Realty
Tel (408) 426-1616
Sally is correct the minimum down payment on FHA financing is about 3.5%.
So on a $250,000; you are looking at a $8,750 down payment.
Figure you will need another $3,000 or $4,000 for closing costs.
Lender may want you to have some funds in reserve after purchase so $15,000 ballpark.
Sally is correct you can sometimes get the seller to pay closing costs which will reduce cash requirement.
I sell lots of property in East Palo Alto - abut 12 houses last year.
One issue you may run into is for $250,000, the house in EPA will probably be a fixer upper.
FHA is very stringent on property condition. So while you may be qualified, the house may not qualify.
Please let me know if you have further questions.
I can refer you to a good loan agent at either Bank of America or Wells who will do FHA loans.