Home Buying in 43224>Question Details

Mnewman, Home Buyer in 43224

i wanted to know being a 1st time home buyer how much should i save for a down payment?

Asked by Mnewman, 43224 Thu Jul 12, 2012

i am interested in buying a home in Columbus Ohio at about $100,000 how much should i save for the down payment? do i have to pay closing cost? if so what would be an approximate amount on it ?

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Answers

18
You need at least $3500 for the down payment. On top of that, you need up front funds for earnest money, will have to pay for the appraisal, and depending on negotiation, may have to pay all or a portion to almost no closing costs. The issue of closing costs is how much a seller is willing to assist which could be none to most. Depending on the loan type you could ask for 3% to 6% of the price for closing cost assistance.
1 vote Thank Flag Link Thu Jul 12, 2012
There are a lot of great programs out there right now for down payment and closing cost assistance. The right lender can help you find the perfect loan option for you and will know what assistance programs are out there for you. I'd be happy to talk with you about what kind of property you are looking for and put you in touch with lenders that will work hard to get you the best package. Feel free to contact me if you still need help!
0 votes Thank Flag Link Mon Sep 10, 2012
First time home buyers can receive up to $5,000 grant money towards their downpayment provided they remain in their purchase house for at least 5 years. Also, OHFA offers assistance with downpayment. There are several different programs available, please feel free to contact me with any questions or concerns you may have. Wilma at wshaw23@hotmail.com
I look forward to hearing from you

Have a great day

Wilma
0 votes Thank Flag Link Mon Aug 20, 2012
Depending on your income and where home is located, you may be able to buy a home with very little down if anything. Please feel free to contact me.
0 votes Thank Flag Link Fri Aug 17, 2012
Good morning!
I would be happy to help you explore your loan options. It sounds like you will qualify for down payment assistance!
Please give me a call to set up a time to discuss the process and take a look at numbers.
To expedite the process, please fill out our quick app online: http://www.lenderohio.com
I am looking forward to working with you!
Warmest Regards,
Jodi

614.212.6929
0 votes Thank Flag Link Wed Aug 8, 2012
Good morning!
I would be happy to help you explore your loan options. It sounds like you will qualify for down payment assistance!
Please give me a call to set up a time to discuss the process and take a look at numbers.
To expedite the process, p

Jodi McCoy Vermillion
(NMLS # 227336) (LO.021770.001)
SENIOR LOAN OFFICER
THE VERMILLION LENDING TEAM
CONCORD MORTGAGE GROUP
A Full Service Mortgage Banker
735 Ceramic Place, Suite 220
Westerville, Ohio 43081
DIRECT: 614/212-6929
Cell: 614/206-1687
Fax: 614/300-2955
Loan Officer Assistant/Processor (Kristin): 614/212-6916
203K Coordinator (Tammy): 614/212-6954
Email: jodi@concordmg.com
Website: http://www.lenderohio.com
To Apply On-Line Click Here: http://www.lenderohio.com



My business is based on referrals. If you know anyone who might be purchasing or refinancing a home, I would be happy to help. Any referral would be greatly appreciated.

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lease fill out our quick app online: http://www.lenderohio.com
I am looking forward to working with you!
JMV
0 votes Thank Flag Link Wed Aug 8, 2012
Hello Mnewman

If you are still looking at houses in the $100,000 range in zip codes of 43224 and 43229 do not have an agent, I would love to sit down with you and a loan office and explore what the market has to offer you and what you need to close on a home.
Thank you for your time,

Bonnie Galloway
Coldwell Banker
614 477 7377 cell
614 547 8481 office
Bonnie.Galloway@KingThompson.com
http://www.kingthompson.com/Bonnie.Galloway
Cell is best means of contact
0 votes Thank Flag Link Sun Jul 22, 2012
Hi Mnewman,

I wanted to follow up with you in regards to your question. Please check out this web site.
http://www.ohiohousing.org. This is an organization dedicated to helping first time home buyers. There you can find information on grants for down payment assistance and programs which may offer low interest rates. Don't let a lender shy you away because they lack the experience with working with OFHA. I know a few lenders that work with them all the time with about 48 hours turn around time in getting certain programs approved and keeping the process moving.

All the best,

Jeffrey Paeltz, ABR, SFR
Keller Williams Greater Columbus
614.288.0423
0 votes Thank Flag Link Mon Jul 16, 2012
There are first time home buyer down payment assistance programs available that will give you a grant up to $5,000 towards your down payment, but you must remain in your house for 5 years and the grant is forgiven.
0 votes Thank Flag Link Mon Jul 16, 2012
Hi Mnewman,

A very good question.One that most home buyers overlook. If you are getting a loan to buy your home the cost go up.

You can expect to pay certain fees such as Credit Report, $75.00, Appraisal fee, around $300.00,
You will want to do a home inspection which will run about $350.00 and the seller may want you to put up some earnest money in your offer which is customarily about 1% of the purchase price. These are known as pre-closing expenses.

You will need funds for your down payment. If you go FHA then your down payment(DP) will be 3.5% of the purchase price. If your getting a conventional loan your looking at 10%+ for your DP requirements.

There will be some small fees from the title company at closing such as recording fees and transfer fees, but these are usually less than $500.00.

At closing you will pay your lender fees which can be steep, up to $1000.00+.

What you will want to do is have your real estate agent ask the seller for some buyer assistance. They can pay up to 3% of the purchase price towards your closing cost. This will be conditional on the seller having enough spread between what they owe and what they are selling their home for. If it is a short-sale or bank-owned then you will not get any assistance.

Have you found a home you liked? I would like to put myself out and ask you if your not already working with a Realtor to consider hiring me, no cost or fees!!

All the best,
Jeffrey Paeltz, ABR, SFR
614.288.0423
0 votes Thank Flag Link Thu Jul 12, 2012
Good afternoon! I am a full service mortgage banker right here in Westerville! Typically, you are going to be looking at buying your fist home with a FHA loan which requires 3.5% down. However, you may qualify for down payment assistance. Give me a call if you would like to walk through the pre-qualification process at 614.212.6929 or you may fill out a Quick App on-line at http://www.concordmg.com/jodi
I will look forward to helping you through the homebuying process!
Warmest Regards,
Jodi

Jodi McCoy Vermillion
(NMLS # 227336) (LO.021770.001)
SENIOR LOAN OFFICER
THE VERMILLION LENDING TEAM
CONCORD MORTGAGE GROUP
A Full Service Mortgage Banker
735 Ceramic Place, Suite 220
Westerville, Ohio 43081
DIRECT: 614/212-6929
Cell: 614/206-1687
Fax: 614/300-2955
Loan Officer Assistant/Processor (Kristin): 614/212-6916
203K Coordinator (Tammy): 614/212-6954
Email: jodi@concordmg.com
Website: http://www.concordmg.com
0 votes Thank Flag Link Thu Jul 12, 2012
Every buyer's financial situation is different. And there are many, many variables involved in making a wise and prudent decision on your down payment amount. Definitely get yourself pre-qualified for your loan amount and seek the advice of a qualified and licensed financial advisor before making this important decision in your life. Best of luck.
0 votes Thank Flag Link Thu Jul 12, 2012
Here are some great tips for you:

• Understand and update your FICO credit score. This single number plays a major role in determining the interest rate on your mortgage, so it’s vital to know what your FICO score is, address any discrepancies and take corrective action to improve your score if it’s below par. As of May 2012, 664 was listed as the national average, and the median was listed as 723. According to Heithaus, individuals with scores of at least 700 tend to get the best rates on a mortgage. Each of the nationwide consumer reporting companies—Equifax, Experian and Trans-Union—are required to provide you with a free copy of your credit report, at your request, once per year.

• Know what you can afford. Up to 12 months in advance of your desired home purchase, establish a relationship with a trusted mortgage lender who can help you identify your monthly payment goals, target purchase price and the types of loans you are qualified for based on your current financial situation.

• Boost your savings. After you have determined your monthly payment goals and target purchase price, make sure you have the cash on hand for when you are ready to buy. We suggest saving enough money for six months of mortgage payments, as well as a minimum of 3.5 percent of the purchase price to cover the down payment and closing costs. First-time and repeat homebuyers should also establish reserves for less visible expenses, such as closing costs, moving costs, home repairs, renovations and planned upgrades when saving for a home.

• Avoid making major purchases. When preparing to buy a home, it’s important to stay away from big-ticket items, such as purchasing a car, in order to keep your cash reserves high and show the lender that you’ll be able to service the mortgage debt more easily.

• Understand the micro-local real estate market. Homebuyers can save themselves money by watching the seasonal trends in their targeted area(s) and being financially prepared to make an offer when the time is right.

• Consult a real estate professional. Long before you are ready to buy, seek out and interview up to three real estate professionals who can prepare you to face the market by addressing questions, setting realistic expectations and providing valuable insight and expertise to the complex process of home purchasing.

I would also recommend consulting with a lender that can help you plan and give you a great idea of how much mortgage you can comfortably afford. My clients have received excellent service & rates from Jason Harris at PNC Bank 614-571-0126 and Rich Cercone at Equitable (614) 764-5072.

If I can assist you in your search for a new home...please let me know. I LOVE working with 1st time home buyers :)

Lee Ritchie
REMAX Metro Plus
(614) 595-0732
LeeRitchie@Remax.net
0 votes Thank Flag Link Thu Jul 12, 2012
Depending on your income and where home is located, you may be able to buy a home with very little down if anything. Please feel free to contact me.
Tom McClanahan
Re/max Consultant Group
614-314-8355
tomsells4u2@aol.com
http://www.tommcclanahan.com
0 votes Thank Flag Link Thu Jul 12, 2012
It depends on what type of loan you are getting- FHA-3.5%, conventional 5% or more.$2500 should cover closing cost but you can ask the seller to pay them. You will still need 500-1000 for home inspections ect.
0 votes Thank Flag Link Thu Jul 12, 2012
Good answer below , there are a couple items I would want to touch on with you as well and some nice assistance programs out there for first time/general homebuyers, as well as closing costs assistance programs. Call me at 6143520723 Id be more than happy to help! I am assusming you are not working with a agent yet because if you were this should have been explained to you by them.. Thanks and hope to hear from you soon!:) L.swieterman@gmail.com
0 votes Thank Flag Link Thu Jul 12, 2012
Hello...you typically need 3.5% of the purchase price depending on the type of financing but there are programs out there that can minimize it or even eliminate it. Feel free to contact me at 614-783-6796 for more information about down payment assistance.
0 votes Thank Flag Link Thu Jul 12, 2012
You will most likely need to put down 3.5%, plus some closing costs like an appraisal/home inspection/application fee depending on bank. I would recommend having $5-6k available, and hope that the seller will cover some closing costs to help reduce that amount. Also, once you are a home owner you will want to be sure you have a reserve fund in case any unexpected fixes need to be made. Using a real estate agent to help you doesn't cost anything and is already built in the marketing fee with the listing agent. I would highly recommend using one! Feel free to email me if you have any other questions.
0 votes Thank Flag Link Thu Jul 12, 2012
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