Out of pocket is usually around, $1,500 because of the great programs out there for down payment assistance. However, every case is different. It really depends on the type of loan you are getting, to know exact numbers call your lender. Some good information to know:
Closing costs are usually around $5,000, but we normally ask the seller to pay for these.
Cash closing costs are about $900. When buying in cash we usually do not ask the seller to pay the buyer's closing costs.
Home Warranty is between $250 and $500 depending on the size of the house. This is a buyer's cost and is not required but is highly recommended.
FHA usually requires a down payment of 3.5%, so a house at $100,000 would require $3,500 down payment.
Most lenders will require a $500 deposit to cover the appraisal.
When we run into dificulties with Foundation we turn to the experts. There are two paths we can take:
1. Structural Engineer can give their report and then recommend the proper repair. This brings in a third party who is certified to diagnose the problem. The report is an up front cost of $450. To begin this process contact Dr. Bob Watson at 405-755-2510.
2. Call in the area foundation specialists. The two I recommend are Brent Bracken 580-678-1517 and Orville Ware 580-591-2933.
Many of our loans are VA Loans, because we are in an Army community. Here are the basic requirements to use a VA Loan to purchase a home:
Home must be in good condition with sound structure, working HVAC, windows opening and closing with screens, secure threshholds, etc...to meet the requirements of set by the VA.
Home must be of the right value. The house itself must have the greater amount of value. VA Loans are not intended for land purchases.
Solid credit score. Usually this means 620, but varies with lenders.
No mor than 54% debt to income. This means out of every $10 you earn, when including the new house payment and taxes, you cannot spend more than $5.40 on bills.
Certificate of Eligibility from the VA.
$1,000 earnest money.
Reserves. The VA requires a certain amount to remain in your bank account for a rainy day.
For more information, I recommend calling a lender and beginning the prequalification process before taking a look at homes.