First-Time Homebuyer? Strapped for Cash? No worries!
William Thompson
Experienced Sales Leader | Real Estate & Financial Services Expert | Driving Revenues & Team Development
Hey Neighbor, Are you a first-time home buyer struggling to come up with the funds for a down payment and closing costs? You're not alone! It can be a daunting task to save up for such a large expense, but there are programs out there to help make it easier.
Today we are talking all about how to save you money when it comes to down payments and closing cost. So Let's start with the basics. Your down payment will typically be anywhere from 3.5% to 20% of the home's purchase price. For example, if you're buying a $300,000 house, your down payment could range from $10,500 to $60,000 depending on your lender's requirements and how much you choose to put down.
In addition to your down payment, you'll also have to cover the buyer's portion of the closing costs. These costs can include lender fees, title searches and insurance, appraisal and inspection costs, and attorney fees. Typically, these costs range from 3% to 6% of your loan amount. So, for a mortgage loan of $240,000, your closing costs could be around $7,200 to $14,400.
But don't worry! There are government and private down payment assistance programs available that can help make these costs more manageable. The specifics of these programs will vary depending on the state and city you're buying in, but generally, you can get a low or no-interest loan to assist with your down payment. If you're a veteran, the VA loan has options for very low or no down payments as well.
Similarly, there are programs available to help with closing costs. Depending on your lender and loan, you may be able to roll some of the closing costs into your monthly mortgage payments instead of paying them all upfront. You can also ask the seller to help with closing costs through seller concessions.
If you're interested in learning more about these first-time buyer assistance programs in North Carolina, reach out to me, your real estate advisor, or let me connect you with a mortgage lender who will be able to provide you with information on the programs that are available to you. I provide a few for you below.
Remember, buying a home can be a complex process, but there are resources available to help you every step of the way. Thanks for watching and don't forget to subscribe to my channel for more real estate tips and advice.
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William Thompson
NC Real Estate Advisor | REALTOR?,?Better Homes and Gardens Real Estate | Paracle
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