How Much roughly (Dallas - you out there?)

[Anonymous]

Husband and I finally found the house we want to buy.

It's a short sale, empty, has been on the market since September and we love it.

We can qualify for the mortgage without problems on DTI and afford the payments no issue, it's purchase price is $259k, realator thinks they will take $245k.

Because it's short sale we were told probably a no go on help with closing costs, we want to go FHA, scores are now in the mid 600s for lowest mid score.

How much roughly would we need for downpayment PLUS closing costs.  Annual taxes are approx $5k and obviiously downpayment would need to be 3.5% minimum

Anyone know roughly how much cash we would need?

We have about $3500 in the bank right now, my mom has offered to give us a $10,000 check towards this if needed (I am meant to be getting a small inheritence but don't know when that will come through - would rather not take gift from my mom if not needed) Also my mom is in the UK and a citizen there, would that be a problem with regard to her giving us a gift?

[Anonymous]

Well, for a rough estimate expect 20K needed for all closing costs, down payment, and buyin expenses.  I will vary alot depending upon alot of factors such as tax rate, insurance costs, date of closing, escrow terms, etc.  A good estimation is 3.5 down, 6% closing costs, and some additonal costs rolled in.  The closing costs tend to be lower than the 6% but if you are budgeting that is a safe bet.  3-4% is more likely but really only a loan officer is going to be able to give you a more clear answer once they pull your file and put together a GFE.  Realitically you can may be able to squeeze buy around 16-17K total if you have a good LO/loan package and arrange the closing date right.  But it could go up to as high as 23-34K total (down payment and closing costs).  There is no way to really break it down more without seeing the exact loan file, credit file, property info, etc.    You canusually expect to go anywhere from 8-20% of th loan for both closing and down payment and it can go higher.

[Anonymous]

Thanks Mickie,

We can probably get together another $2000-$3000 in the next couple of months, I just wish we already had it but I have been paying down CC debt instead to reduce DTI - lol!