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There are more costs involved in the purchase of a home than just the down payment. Buyer closing costs can come to approximately 3% of the purchase price. However, there are creative ways to get these costs covered so that you don’t have to pay upfront.
First time home buyers can utilize the MFA program for not only down payment assistance, but for closing cost assistance as well. We can also ask the Seller on your behalf, to pay 3%+ towards your closing costs.
The lender’s fees to make a home loan for a buyer typically are what cost the most. These fees can include, but are not limited to: origination fees, appraisal and credit report.
Prepaids are costs required by the mortgage lender. These fees are recurring. They can include: hazard insurance, flood insurance (if applicable), interest, mortgage insurance and property taxes.
Fees charged by the title company are non-recurring. Some items that can make up the fees are: recording fees, mortgagee’s policy and mortgagee’s policy endorsements.
Other home buyer costs that are not related to down payment or closing costs can be home inspections and warranties.
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