04/28/2025
🏡 Thinking about buying a home? Let's talk about the costs involved! 💰
1. Upfront Costs: Appraisal ($500-$800), Earnest/Deposit Money ($1,000 -$2,500 or 1% of the cost of the home), Home Inspection ($600-$800), and Application Fee. These can vary based on your purchase price and property type and the state in which you reside.
2. Down Payment: FHA requires 3.5%, Conventional at least 3%.
3. Closing Costs: Usually 2.5%-3.5% of your loan, including down payment, title work, and more. Sellers can contribute up to 6% (FHA) or 3% (Conventional).
4. Prepaids: Prepaid interest and Homeowner's Insurance. You'll also need funds for taxes, negotiated with your real estate broker.
Additional Tips:
- Start with at least $3,500-$6000.
- Have 2-3 months of mortgage payments saved.
- Resolve disputes with creditors and maintain clean bank statements.
- Choose a trusted lender for guidance throughout the process.
Remember, transparency is key! 🗝 If you have questions, ask away!
Let's get you into your dream home! 🏠
Call or text📱: 336-500-3372
Not quite ready to buy and need credit repair? We can assist with that as well!
Frazier Credit Services
