New Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
Re: What a mess! Do you think we'd qualify?

Your seller has offered $1,500 towards closing. You are facing, at a minimum (and this assumes that you roll the funding fee into your mortgage) out of pocket:

 

Appraisal Fee

Credit Report Fees

Flood Determination Fee

Settlement Fees

Lender's and possibly Owner's Title Insurance

Deed Recording

City and/or County Tax Stamps

Recordation Tax

Attorney Fees (if you choose your own, or the contract splits the cost)

Agent Commissions (if you use your own agent or the deal specifies split costs)

 

They are also going to make you prepay interest for the month of closing upfront, prepay your homeowners insurance for at least 6 months and pay the calculated due balance of the property taxes for escrow (which can be up to 6 months of property taxes upfront). After you've paid all of that, you still have to be able to fund moving and setting up utilities (deposits) and have some sort of reserves set aside.

 

I'm not trying to criticize you. I'm trying to get you to take off the rose colored glasses and take an objective look at what you are getting yourself into with very limited resources. I'd ratther see you wait and be in a strong position to buy than put yourself into an overextended mess because you just have to have that "perfect" house. I'm trying to be on your side here.

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