Home Buying in Washington>Question Details

Fungirl, Home Buyer in Washington, DC


Asked by Fungirl, Washington, DC Tue Jan 15, 2013

After looking at fha home loans.com, their sure are a lot of fees to be paid when trying to purchase a home. Looking at all those fees that the buyer has to pay looks like I'm going to need $2,000 or more just for fees, Looks like a credit report pull is going to cost $40-55 not counting what I will need when time comes to go to closeing. This is frustrateing when you're trying to get this money together. I'm just trying to get a general idea on my own by looking at web sites of what I may to need for closeing and all those fees. I'm just going to have to keep money for fees in a seperate account and the money that I would need for closeing in another account. Why is it that FHA dosen't take care of all those fees and not the buyer? Well I'm just going to keep trying to save my money and not use any credit cards. When July gets here I'm going to get a pre approval from somewhere and then fine me a realtor and just take it from their. All fha can say is yes they will or no they will not

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Miekeba Jones’ answer
Hi Fungirl, Here is an easy mortgage calculator you can use from a lender I work with:http://www.cfmortgagecorp.com/Allen-Tayman/Mortgage-Calculat…

Credit may not grow if you do not use your cards. Trying making small purchases and maintaining a minimum balance while paying for them.
0 votes Thank Flag Link Tue Jan 22, 2013
You will pay some fees when you buy your house. Many fees can be negotiable, so it pays to shop several service providers to make sure you're getting the best price possible. Make some phone calls. Talk to your friends & family. Take your time when choosing your real estate agent, mortgage lender and title company.

Since it sounds like you're still in the research phase, I thought I'd tell you about a free mobile app my company Federal Title developed for iPhone & iPad that calculates your entire cash to close amount. Just enter a purchase price and specify a state & county, then the app will tell you how much you should expect to pay at the closing table (including a breakdown of down payment, mortgage, taxes, fees and closing costs). closeitapp.com

Download link from the App Store: https://itunes.apple.com/us/app/close-it!/id647917344
0 votes Thank Flag Link Fri Jun 14, 2013
A good rule of thumb, not always exactly, but typically closing costs are going to be about 3.5% of the sales price. But a lot of times your lender can roll those costs into your mortgage, rather than out-of-pocket at settlement, depending on which loan they sell you, or you can ask for the seller to cover closing costs in your offer.
0 votes Thank Flag Link Tue Jan 22, 2013
In addition to seller assistance, you can get $4,000 in closing assistance from HPAP.
0 votes Thank Flag Link Wed Jan 16, 2013
You did not mention how much you have saved for the investment,....You maybe in a position to move forward now while the rates are relatively low. The FHA loan program offer buyers a great opportunity to purchase a home at a below market interest rate and with a low down payment requirement. Matter of fact, only Va loan offers a lower or no down payments...... Although, the fees maybe slightly higher, their are alternatives to paying those fees, e.g,, requesting that the seller pay a portion of the fees. Or, possibly combining the FHA loan program with another federal or state government first time buyer programs that's available.....Now, is the time to get pre-qualified!

With your pre-approval in hand you will be ready to move forward with an opportunity.. You will have time to research or receive a referral for a qualified loan officer to assist you with the purchase of your dream home. The loan officer will be able to discuss the availabilty of first time buyer programs, grants, etc. Having a loan officer start the process now will give you an opportunity to gauge the changes in the housing market and interest rate. Most lenders will not allow you to lock-in on an interest rate only after you have a ratified contract on a property. There is no crystal ball to tell us when the rates will rise in the coming months......

If you would like to discuss your home buying options or need a lender referral send me an email......
0 votes Thank Flag Link Tue Jan 15, 2013
In actuality in this market, it is not unusual for an owner to pay your closing cost when you buy their property...if they don't you can finance it into the loan. You need to save up money for the credit check and the appraisal...possibly $1000 more then the down payment and find a good agent with a savvy loan office who can ehlp you. Look for experience in both and you won' t be disappointed. I am licensed in MD< DC and VA if I can be of service. 202-262-7062.
0 votes Thank Flag Link Tue Jan 15, 2013
You shouldn't have to go through the first-time home buying experience all alone. Now is the time to get connected with a good Realtor and Loan Officer to help prepare you for the home buying process. With good representation, you could find that most of your fees could be negotiated and paid for with contribution from the seller!
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Fungirl, Would you like to meet with me in my office? If not, would you like me to send you an online buyers' seminar. This will help prepare you and rid you of frustrations. I will give you an estimated cost sheet. Contact me and I will help you.
0 votes Thank Flag Link Tue Jan 15, 2013
I suggest you contact a local lender and let them know what type of property you are trying to buy i.e. a single family home or a condo. Provide the lender your highest price parameter for your home purchase that you anticipate. Keeping in mind, if you haven't already gotten pre-approved, then what you anticipate could vary from what a lender is actually allowing you to borrow.. Ask the lender to give you a Good Faith Estimate based on where you plan on purchasing. Your fees will vary between, DC, MD, and VA due to taxes in each place. The Good Faith Estimate will give you a more clear and somewhat accurate picture of how much money you need to be saving for your down payment and closing costs.
BB&T also has an excellent mortgage program that allows for 100% financing, 3% down, or 5% down, but that depends on your credit and income.
FHA doesn't take care of your fees because that's your costs to purchase given that you are only putting down 3.5% with an FHA loan program. So FHA incurs more risk with your loan.
0 votes Thank Flag Link Tue Jan 15, 2013
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