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Michelle B | If i want t buy a house for around 200k how much money should i have saved for down payment,closing costs,etc? |
I have 0 debt, good credit and make about 60k a yr.This will be my first house |
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Jennifer
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I just bought my home the begining of this year. We rushed into buying it because everyone told us that the market was going to sky rocket like it did before. We quailified for a zero down loan. We also had the builders of our house pay our closing cost, which came up to about $4500. Being the buyer, YOU HAVE THE UPPER HAND. Remember that. Dont let them bully you around. I personally wouldnt put any money down, save it. You know your going to need things for your new house! Congrats, hope i helped! |
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mvsopen
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Every $10,000 that you put down will lower your monthly payments by about $100, so consider that first. Also, if you put less than 20% down, you're going to have to buy PMI. But also consider how much extra it is going to cost you to "start up" a new house. There is probably $5000 worth of light bulbs, appliances, lawn care stuff, etc. that you're going to have to budget for. Sorry, but I can't give you the exact amount, but any good real estate agent ought to be able to tell you. |
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Flower Girl
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$30,000. That is a 15% down payment and any costs you might incur. |
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Dewey K
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About 20% down. Don't get an ARM adjustable rate mortgage. |
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tushanna_m
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General rule of thumb is 20% down payment and 5% closing costs. Many lenders will let you get away with much less than this, including options for zero down and little or no closing cost. Some will even finance closing cost, especially for first time buyers. However, realize that the less you put down, the more your monthly payments will be, and you will also be paying interest on that borrowed money. This requires you to consider several things. 1) How much can you afford for housing each month? (generally no more than 30% of your income, but you also have to think about car payments, insurance, utilities, etc) 2) How much will property taxes and insurance cost per year in the place you plan to purchase. 3) Are there other taxes, such as school or county taxes to be assessed on the property. 4) What are the average utility bills on the size home you plan to purchase in the location you plan to buy (i.e. a $200K 1000 sq ft home or a $200K 3000 sq ft home are going to have WAY different utility bills). 5) What will it cost you yearly to maintain the home (i.e. repairs, pest control, home warranties, emergencies replacements of appliances, etc) 6) How much can you safely put down and leave yourself as emergency fund (i.e. don't spend every penny on a downpayment and then have your car break with no backup emergency funds to get it fixed).
Of course this all depends on the interest rate you get as well, which could be anywhere between 6.1 and 8% as a first time buyer.
Do your research with several lenders without making any committments to purchase. Also check into federal, state, county, and local first time buyer programs and bonds (some places will give you bond money to buy into the area.) Search the web for "Mortgage-How much can I afford". There are many good calculators available. Above all, don't overextend yourself on the payments, because taxes and insurance will always keep going up each year, which will affect your escrows and monthly payments. |
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Kaboom
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You are in good shape. I am a senior loan officer. You can get no money down loans. The seller market is slow so you can get the seller to pay all closing costs, these are called seller concessions. Good luck and have fun! |
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ktlove
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45,000 to avoid pmi and pay closing costs taxes and such. |
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Sturm und Drang
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I'd suggest talking to an actual mortgage broker. Before the real estate market soured, my then boyfriend (now husband) and I were able to buy a 223K home for zero down and the seller paid our closing costs (closing costs were rolled into our mortgage). Our income was around 95K/yr at that point.
Mortgage insurance (PMI) is tax deductible for the 2007 tax year with the following stipulations:
• The tax deduction only applies to mortgages closed in 2007
• There are income limits. A 100% deduction is applicable for gross incomes of $100,000 or less.
• No tax deductions are available for gross incomes over $110,000.
Note that this law has only been approved for tax year 2007 and there is no guarantee that it will be renewed, but at least it will be a nice benefit to new homeowners for this year.
I've read that mortgage companies have become stricter with whom they lend to now and that even people with good credit are having problems getting mortgages. So what we got in 2003 may not be an option any more. |
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donniebre
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for best rates no pmi, etc.. 20% is rule of thumb. There are ways around this however. |
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Andrea B
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You should save at least $40,000 for the down payment. The sellers will probably pay the closing costs. If they don't you might need an extra $2,000. |
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kit kat
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what city/state is the house in? |
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