topic first time home buyer in Mortgage Loans

first time home buyer

Anonymous — Fri, 13 Mar 2009 21:57:49 GMT

I have been trying to figure out what all goes into buying my first home .

If i get a fha loan and some kind of down payment assistance or grant

what else is there that i would need to pay

can all of my costs like inspections and appraisals closing costs be put into my loan

any help would be appreciated.

i do have $900 saved but i was going to pay down some credit cards but maybe i need to hold on to for this ......help !

Re: first time home buyer

Anonymous — Sun, 15 Mar 2009 15:36:50 GMT

You might be able to get the seller to pay the closing costs. Otherwise, my closing costs were estimated at like 2% of the purchase price. They can be higher with FHA since there is the upfront mortgage insurance. Also you'll want reserves, even if they are not required. Don't want to have to put repairs on your credit cards right off the bat. I'm personally comfortable with 6 months of living expenses but others have more or less..