Now, this isn't any sort of requirement, mind you - but depleting your savings leaves you as vulnerable as if you were to tape $100 bills to your body while walking through Citizens Bank Park.
After you buy a house, even if you don't buy any furnishings and move in your own truck and take on absolutely no My New Home Expenses (flat-screen, carpet, chandelier, silver dining service), you need a cushion in case Something Happens. Like your furnace blows ($2000), water heater ($750), transmission and engine (ca$h for clunkers is gone).
It really depends on the price of your first home.
Luckily you don't- have to pay COM/ to your Realtor* Because the listing agent will pay
Also their will be 2%transfer tax due, And general home buying fees.
I would say at least $3500. -Which should be in your Good -Standing Savings account.
Because of the fact that the Bank wants to make sure that you will ,and can pay at-least
the first three months of the Mortgage payments!
I am willing to answer and guide you in the right direction during the first Home buying process.
Please contact me at the following:
Tina M Gorman *215-397-1455* Realtor>
-Robert A. Martini
Keller Williams Real Estate
As you have already been told it will depend on the price of the home that you buy.
A typical Olney home for $120,000 with a minimum of 3 1/2% down will require roughly $12,000 in total funds.
This would include a down payment of $4,200 plus Transfer Tax of $2,400 plus Title Insurance of $1,100 There will also be reserves for taxes and insurance recording fees notary fees inspection fees and reiumbursements to the seller for expenses that he paid in advance of another $4,300 more or less.
If you buy a home for a lower price,and there are many in Olney, all of these numbers will be lower. If you buy for higher price they will go up. If you negotiate a Sellers Assist it wiil require less cash from you.
When you find a home and apply for a mortgage you will be given a Good Faith Estimate that will be specific to the home that you are interested in buying. That will be your guide for total cash required.
Find a good Buyers Agent and ask questions, lots of them until you are satisfied.
Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
if you have that much saved you can actually buy it.
If you want just a down payment 3.5% for fha and 10 to 25% for conventional financing.
Then more money to cover closing costs, moving costs, having the electricity turned on and so on.
The best answer, as much as you possibly can save. Not a penny less. That way you will be prepared for what owning a house can bring to you.
Depending about your income, number of people in your family, and where you are buying, you can get a home with as little as $1,000. There is special financing offered by the state of Pennsylvania, and you can get the best deal by purchasing in Philadelphia. I am helping someone with that right now. Imagine... it's less than you would need for first and last month's rent if you were going to rent an apartment.
If you would like to discuss this further you may contact me at your convenience.
Good Luck with your home search.
Huntingdon Valley and Philadelphia
Find a good mortgage rep, sit down, and they will go over all the financial aspects with you.
It's not just about how much money you have saved...........that's only part of the whole real estate puzzle.
One can get an FHA loan with a 3.5% down payment. The down side is, that the interest rate will be higher.
A conventional loan is for a 20% down payment. If you have any questions on this or any other Philadelphia Real Estate matter, feel free to contact me at 267-238-1054 or via my website: http://www.carlkabat.com
I work in the 19120 zip code. Feel free to give me a call.
Carl Kabat, Realtor
Well, that really depends on how much you want to spend on a home. If you are going to go FHA, you will need 3.5% of the loan amount for the down payment and a minimum credit score of 580. You will also need money saved for closing costs. I would say that you definitely need about $8,000 to start with. You will need to put down two deposits for the home that comes back to you at settlement.
Your best bet would be to find a buyer agent to hire even if you are not ready to purchase a home yet. The buyer agent will explain the buying process to you and what you need to know and expect.
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
Do not forget also to be pre- aproval fro a lender.
Hope this answer helps.
Let's assume that you are looking at a home which costs $150K. If you are going to get FHA financing, you will need $5,250 for a down payment and that does not include the required closing costs and inspection fees which can run a total of over $7,000 dollars (which part of it can come from seller's assist or gifted from family).
But unless I know exactly what the specifics are, I can't really give you a good number to go by except for those percentages. If you wish to talk about more specifics, please contact me.
Terrence Charest, e-ProÂ®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
â€œGiving to Those Who Gaveâ€
You need at least 3.5% down payment,
2 years employment
Credit Scores 620 or above
Debt to income ratio in check
No liens, or negative credit issues
It depends on many factors. The sale price of a home, the loan program you will be qualifying for, if there is a possibility of a Seller Assist to help you with the closing costs. Call me at 610.291.1460 and I can walk you through your scenario. I have been helping clients with their Mortgage Financing for over 8 years.