Should I go through with buying this house?
My fiance and I have been looking to buy a house soon. We were thinking to take the next year to save up as much as possible. Then, a family friend came along and they are selling their property. They were going to put the property up for 130k, but if we are interested and willing they are willing to sell it to us for the 130k but then turn around and give us 10k back to put towards the down payment. We were thinking of a FHA loan (we are qualified for it), which means we would still be required to come up with 3.5% ourselves, which we can do easily because our tax return. The house has a roof that was new within the past 5 years, a new paint job outside, new water heater, nice hardware floors, brand new paint inside and on the one car garage, brand new kitchen tile floor, brand new sidewalks outside, newer flat wooden deck outside and comes with all appliances. This is an area we will be staying in indefinitely and right now our rent is 1100. We make almost 60k before taxes with about $ 490 debt/month (cards, student loans). He wants to sell as soon as possible (it was a family members house who passed away). We can come up with the 3.5% we need to put down but I am unsure about the closing costs, etc. What other fees would I have to pay on top of that 3.5% and about how much would I have to come up with. If we do go with the FHA loan the closing costs cannot be rolled into the mortgage.