Your question was asked 2010 and this is 2013.
You will need to pay:
- Down payment
- Closing costs ( escrow fees, title fees, professional inspection fees, lender fees and etc)
- In addition to down payment, closing cost buyer needs cash reserves.
- Lender with verify down payment, closing cost and cash reserve monies.
Conventional loans down payment depending on purchase price minimum 10% and FHA minimum 3.5% down payment. The days of no money down payment have ended.
Gail Mercedes Cole
Currently there are only two programs, that I know of, that allow you to purchase property with no money down. They are VA and USDA loans. If you qualify for either, then this is the way to go.
In answer to your question regarding paying both down payment and closing costs, this is the norm. However, sellers may assist the buyer with a credit towards closing costs. Homes owned by Fannie Mae often allow a 3.5% credit towards closing costs. Chase owned properties might qualify for a $1500 credit, to be used by the buyer for either down payment or closing costs. Other programs and even equity sellers will often consider helping a buyer with closing costs. It is really dependent on how well your Realtor negotiates on your behalf and whether they can convince the seller that it is in their best interest.
Let me know if I can help in any way. I would be happy to talk directly and answer any questions you might have. Call me, or you can e-mail me through my profile. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
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RE/MAX Palos Verdes Realty