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Qualifying for a low down payment
loan is much like applying for a regular loan. To be considered for a
low down payment loan, you generally need to have:
Closing costs, or settlement costs, are paid when the home buyer and the seller meet to exchange the necessary papers for the house to be legally transferred. On the average, closing costs run approximately 2% to 3% of the house price. This percentage may vary, depending on where you live. Closing costs include the loan origination fee
(if not already paid), points, prepaid homeowner's insurance, appraisal
fee, lawyer's fee, recording fee, title search and insurance, tax
adjustments, agent commissions, mortgage insurance (if you are putting
less than 20% down) and other expenses. Your lender will give you a more
exact estimate of your closing costs. |
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