Margo, thank you for your question and the opportunity to respond. Closing cost in many cases are directly tied to the loan program selected by a buyer. In the state of Virginia there are essential four different loan programs that work well in this price range along with potential down payment and closing cost assistance programs â€“ please call me to ask about those (757) 652-5851. The most popular programs in the state of Virginia are VHDA Conventional 30 YR FIXED, VHDA VA, VHDA FHA Standard, and the VHDA FHA PLUS.
I have worked up on of the most popular closing cost work sheets using the VHDA FHA PLUS with the following assumptions and conditions to give you an idea. Minimum representative credit score of 680, Sales Price as you ask about of $130,000.00, Estimated City Assessment of $150,400.00, Property located in the City of Virginia Beach, Virginia - resulting in a property tax rate of $0.95, 3.500% second mortgage secured through the VHDA FHA PLUS, Earnest Money Deposit of $500.00 and Seller Concessions of $5,000.00.
Please also accept my invitation to attend a FREE 6 hour First Time Home Buyer Education Class on 2-23-2013 from 9:00 AM to 3:00 PM in Virginia Beach, Virginia. The location of the class is the Training Room at www.BeachFord.com 2717 Virginia Beach Boulevard, Virginia Beach, Virginia 23452. If you want to attend and bring a friend or friends I only ask that you let me register in advance at (757) 652-5851 so that I will have enough FREE VHDA first time homebuyer handbooks for all participants.... more
It depends on if you have a hardship or the reason you are selling. If there is no hardship you most likely will have to come up with the short fall. There are lots of people in your situation and it all depends on hardship and assets.
Wish your Luck
First Weber Group
Certified distressed Property Expert
TI - In my professional opinion, the best answer to that can only be determined by knowing if the property is priced correctly. Pricing properties correctly are what is key in this market. Our Region is not as dormant as so many others throughout the country right now; people are still buying and selling houses. However, as you know, inventory levels Region-wide for the most part remain high and overpriced houses are not selling. Moreover, even if an overpriced house does manage to go under contract, the chances are strong that the buyer's loan will not go through because the house will not appraise at such contract price. If the house is priced correctly and the market perception from such pricing is that it may represent a perceived value and good buying opportunity, then that house can be expected to have a shorter market time than others. I'd be happy to discuss this further with you if you would like to; you may contact me at firstname.lastname@example.org. Thanks.... more