Tag: #DPA

How much do I need to buy a house?

The usual expenses associated with the purchase of a house are down payment, closing costs and other expenses.

  • The down payment can be anywhere from 3% to 10% for a primary residence, it will depend on the type of loan you can qualify for, fully documented loans, such as a conventional loan and a FHA loan (Government backed loan) have a down payment of 3% and 3.5% respectively, of the purchase price.

Example: If the house price is $200,000 and you got approved for a conventional loan, the down payment would be $6,000. If you have a FHA loan approved for the same $200,000 house, the down payment would be $7,000

  • Closing costs can be between 2% and 5% of the home value, it will include the title company fees, transfer taxes, doc stamps and prorated property taxes.  It is possible to get some concessions from the seller towards your closing costs, this is something your Realtor will advise, handle and negotiate on your behalf.
  • Other expenses associated with the purchase of a house are the home inspection ($300 – $400), well and septic inspection if needed ($200 to $400), Engineer structural inspection ($250 – $300), survey (depending on the size of the lot, starts at $300), appraisal ($450 to $650, the lender requests it)

As you can add up, it is necessary to have a good chunk of money to buy a house; however there are programs available to help you with the down payment and closing costs for first time home buyers as well as loans with 0% down payment as the USDA or VA. It is important for you to work with a Realtor who can provide you clear advice and resources so you can accomplish your dream of home ownership. Give me a call, I will be happy to help you.

Clarisa Moody

813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

Down payment assistance program for home buyers

19 Comments

You have been working hard on getting your credit score up, you have been saving for the down payment and you are almost ready to be pre-qualified for a mortgage to buy a house and you vaguely remember that somewhere you heard about some Government help for first time home buyers.

You start your research and it gets complicated quick, so you are tempted to drop the ball and move on, however you found ME and this very informative blog to get you a bit more digested info about the down payment assistance program.

  • Programs vary by State and County
  • Your lender needs to be part of the authorized DPA lenders
  • Income limits apply and this changes by County as well
  • FHA and Conventional loans can benefit from the DPA
  • Your credit score needs to be +640 to qualify
  • You can use the funds for the down payment and closing costs
  • The property itself needs to meet a minimum criteria
  • You will have to take a course about how the DPA works

If you are looking for a Mortgage Loan Officer who can assist you with a mortgage and the down payment assistance program, give me a call, I will be happy to recommend you a true professional.

Clarisa Moody – 813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

Programa de asistencia para primeros compradores

Usted ha estado trabajando duro en levantar su puntaje de credito, ha estado ahorrando para la inicial y está casi listo para ser pre-calificado para su hipoteca y vagamente recuerda que en algún lado escucho acerca de ayudas de Gobierno para la compra de casa por primera vez.

Comienza su búsqueda en Google y se complica rápido, está tentado a tirar la toalla y continuar con su vida, sin embargo encontró este blog muy informativo con datos sencillos de comprender acerca del programa de asistencia para primeros compradores.

  • Los programas varían de acuerdo a cada Estado y Condado
  • Su banco o compañía de mortgage debe ser parte de una lista autorizada
  • Aplican límites para los ingresos y estos varían por Condado
  • Prestamos FHA y Convencionales se pueden beneficiar del DPA
  • Su puntaje de credito debe de ser +640 para calificar
  • Puede usar los fondos para la inicial o gastos de cierre
  • La propiedad también tiene que cumplir unos criterios mínimos
  • Usted llevara un curso para conocer como el DPA trabaja

Si está buscando un oficial de hipotecas que lo asesore en su préstamo y el programa de asistencia para primeros compradores, llámeme, con gusto le recomiendo profesionales en el área.

Clarisa Moody – 813 446 2003

Si le gustó  esta entrada del Blog, suscríbase al Newsletter para que reciba periódicamente información interesante de Bienes Raíces, finanzas y manejo del hogar

www.ClarisaMoodyRealtor.com