17 Dec Out Of Pocket Expenses When Buying A Home…
Typical costs are approximately .11 – .13 per square foot. Factors involve include age of home, number of air condition units, type of property, location and number of stories. You can choose any home inspector you like when purchasing your home. A good inspector will take photographs of each item identified. A typical inspection can take about 3 hours. Within 48 hours you can expect a report to be emailed to both you and me.
Alltex Home Inspections
Approximately $400.00. This amount will be provided to you by the Loan Officer. A loan officer typically will arrange for a credit card payment to be made. The appraisal is ordered AFTER the Option Period has expired.
Usually $100.00. This amount, if you close, will be credited back to you on the HUD-1 Settlement statement by the seller. If you exercise your unrestricted right to terminate then the funds you will lose this money.
The EM is usually 1% of the sales price. This check is collected when you submit an offer and is cashed by the title company with 1-2 business days after the offer has been executed. This amount, along with the option fee, will be credited to you towards your down payment.
Your down payment cannot be financed. If you are going FHA, then your down payment is 3.5% of your contract sales price. A conventional loan typically requires 5% down… or more. VA = 0.
Your closing costs is *usually* about 4% total of the contract sales price. This 4% includes pre-paids like Home Owners Insurance, mandatory upfront taxes, loan fees and other items the lender will explain.