About how much are closing costs for a Condo 160,000?

Asked by esparza26, Long Beach, CA Tue Mar 26, 2013

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Robert Chome…, , San Diego, CA
Tue Mar 26, 2013
I would say for that price, a good rule of thumb is 3-4% of purchase price. But if you are putting a lot down and not having property taxes impounded, they could be a lot less.
1 vote
Acd4jc, Home Buyer, Long Beach, CA
Fri May 5, 2017
What is a normal closing cost for a townhouse that is 160,000?
0 votes
Hello Acd4jc, It is about 4k with Lender paid or it could be less if you use premium financing within the rate. You could have no closing costs if you use a down payment and closing cost assistance program.

You would need 3.5% down FHA from a minimum 580 fico score or 3% down conventional from a minimum 620 fico score. You would need a minimum 640 fico score to consider down payment and or closing cost assistance programs.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
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Flag Sat May 6, 2017
Lesley Harris…, Agent, Huntington Beach, CA
Thu Mar 28, 2013
I think most people had already answer correctly. There are some programs that can be zero closing costs VA No No. You just need the down payment. However the seller will have to agree to pay your closing costs, which typically you just add it to the purchase price.

I can give you more detailed information , just call me (562) 673-0943

Lesley Harris, Realtor
Cal Tex Properties

0 votes
you also have to be a Veteran.
Flag Thu Mar 28, 2013
Robert Finger, Agent, Irvine, CA
Tue Mar 26, 2013
Closiing costs vary depending on type of loan, if you are required as in fha loans or want to have an impound account so that your taxes and more are more easily managed by impounding.When an impound account is needed or wanted that can increase the amount you need to close (added closing costs) besides your escrow ,title, insurance and other 3rd party fees.These days when impounding it adds up getting closing costs to 3% or more quickly give or take. Lenders can sometimes offer options to give lender credit of 1% to 3% and upwards to help with that by offering slightly higher than par interest rates as a great option. You way out the out of pocket costs it would take for your closing costs and impound account monies needed if you pay them yourself or if you option or offered the option to the Lender adjusted interest rate. Not all lenders offer it and it does depend on factors like fico score ltv type of loan and more that varies the amounts that can be offered. The numbers will make the sense if it is the route to go or not. I am both a realtor and loan officer so I have much to share including possible lender credit.. I would like to help you further if you would contact me. I hope this is helpful!
Thank You,
Robert Finger
Dre Lic#01307561
NMLS Lic#268502
Dre Lic# 01307561
0 votes
Gladys Lampi…, , Long Beach, CA
Tue Mar 26, 2013
The exact amount of the closing costs depends on the terms of your purchase and the terms of the loan your are getting, to make easier everybody estimates to be 3% of the sales price, keep in mind that if you don't have enough money to pay for the closing costs you can always ask the seller to pay for part or all of them.
If you need help negotiating your purchase, please give me a call, I also have a condo available for sale in Long Beach that you may be interested.

Thank you,

Gladys Lamping G.R.I.
Seaside Homes Inc.
562 929-4450
0 votes
Jeremy Lehman, Agent, Garden Grove, CA
Tue Mar 26, 2013
Seriously? First two answers are sales pitches? Thanks to Robert for sepping up with an actual answer.
0 votes
Jeff Johnson, Agent, Long Beach, CA
Tue Mar 26, 2013
Approximate closing costs should be disclosed when you are speaking with your lender.....are you pre approved? And are you working with a Realtor?

If not please let me know and I can refer you to a great lender and help you find your new home!!

Thank you

Jeff Johnson
Prudential CA Realty
562 900 9783
0 votes
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