How much Cash do you need to buy a house: Episode 6

How much Cash do you need to buy a house: Episode 6



Views:2|Rating:nan|View Time:57Minutes|Likes:0|Dislikes:0
Getting Housed With Paul

How much Cash do you need to buy a house: Episode 6

Your expenses will be you earnest money deposit, your inspection, your down payment & closing costs.

Your initial expense will be your Earnest money deposit. This is required when you put in your offer in order to ratify. A buyer is expected to pay 2 – 5 % of the purchase price immediately. This money is held until closing, when it becomes part of the down payment.

The home inspection will be between $300 & $800 depending on the size of the home.

You should also get a termite inspection which is about $150

Next is your down payment. This can technically be as little as 3.5 % if you qualify for an FHA backed loan. The national average is 20%. And of course you can put more down if you got it.

The last item is closing costs, which will range but I would estimate 3% of the sale. This fee includes title insurance, loan-processing costs, & taxes

There is a lot of variation, but my quick answer is you will need about 23% of the asking price in cold hard cash.

#gettinghousedwithpaul #gettinghoused

INSTAGRAM
@paulbastorealtor

FACEBOOK

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *