if a home costs 180,000 how much will closing costs be and will lenders accept 5% down? i’m a 1st time buyer?

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  1. Reply
    July 17, 2011 at 7:19 pm

    You can actually get a loan with no down payment now. Closing costs are usually between $ 3000-$ 5000. I’m not sure how to calculate it. I’m also jealous that you’ve found a home for $ 180,000! 🙂 Here in Connecticut, the cheapest are around $ 235,000 and that’s when they need a lot of work.

  2. Reply
    July 17, 2011 at 7:56 pm

    closing costs vary depending on your county and state, there are some instutions that give special deals for 1st time buyers. I only had 10% down when I bought my home but because we didn’t have the 20% down we had to go with a variable rate. Once a year it was evaluated and the interest rate either went up or down, it had its advantages and disadvantages. Contact a bank or other lender in your area they could give you an estimate as to what closing costs would be.

  3. Reply
    July 17, 2011 at 8:18 pm

    The amount of the down payment will be up to whatever lender and mortgage program you use. If you are eligible, the VA has programs that allow 0% down. You credit score will be an important factor in your process. Also, check out several mortgage places before deciding. Don’t just go to the bank you have your accounts with, try a mortgage company. They have many more options than conventional banks. I’ve included a link to some calculators for mortgage problems. Good luck!!

    PS you can also write into your purchase offer that the seller of the home you plan on buying covers some (or all)closing costs

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