At
closing, the buyer will be required to bring funds covering
down payment and closing costs. Following are estimates
of costs that may be expected at closing.
All
estimates are done on a home purchase price of $150,000,
a 30-year loan at an interest rate of 7.0%, no home
owner association fee, no origination or discount fee,
with the closing occurring at the end of the month (7/31/06).
Lender and escrow fees will vary.
FHA
Financing - 3% Down
VA
Financing - Zero Down
Conventional Finance - Zero Down
This
particular program requires two loans, a 1st and a 2nd.
By using this financing option, the buyer can avoid
monthly MIP/PMI fees. Most lenders require a MIP/PMI (loan guarantee program) when the home buyer has less than 20% equity (financial ownership) in the home.
Conventional
Finance - 10% Down
Conventional
Finance - 20% Down
Explanation
of Estimated Costs
*There are over 500 creative ways to finance a home where the buyer
will need less than $1000 to close; some loans with zero out-of-the pocket costs. Call us today for a list of preferred lenders.
See Home
Ownership Assistance programs for organizations
that help homebuyers achieve their dream.
**This
information is provided as a courtesy and is only an
estimate. Diana Kai is released from any and all liability
as to the accuracy of the estimated cost sheet. |
