Real Estate Closing Costs, How Much Do I Need?

 

It's a good idea to factor in the closing costs when buying a home, so you can properly plan and manage your finances. In most cases you can expect to pay 2-5% of the purchase price in closing costs, not including the down payment. 

Closing costs can include the following:

 

• Down Payments can vary, most are in the range of 5% -20% of the purchase price depending on your qualifications and loan choice
• Earnest Money Deposit is the money put down when a contract is written and usually it goes into an escrow account. If the property closes this money generally goes toward your closing costs but can be non-refundable after a certain period if the buyer backs out of the purchase.
• Lender fees include charges for loan processing, underwriting and preparation
• Third-party fees include charges for insurance, title insurance, title search, appraisal fees and other inspections such as termite
• Government fees include deed recording and state mortgage taxes
• Escrow and interest fees include homeowner's insurance, loan interest, Real Estate taxes, home warranties, prepaid interest and occasionally private mortgage insurance,
• Property taxes

 

Please do not hesitate to contact us when you are ready to take the next step or if you have any questions. We look forward to assisting you. 

Ask about our programs:

Low as 10% down! Owner will pre-pay your mortgage insurance! Save at least $100 per month!

Down payment assistance available up to $12,510 or 3% of loan amount in the form of a grant, does not have to be repaid.

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CAfor the latest news and information on the Costa Mesa real estate market. Lic #00573423

(714) 241-4532

1525 Mesa Verde Drive East

Costa Mesa, CA 92626-5221

 

Posted via email from Larry Weichman's Blog (714) 241-4532

Not Having FHA Approval Can Cost You Thousands!

This was just released by the California Association of Realtors to us!

Condominium associations can receive assistance with obtaining FHA approval
Loans funded by the Federal Housing Administration (FHA) account for a significant percentage of new mortgages, and with many of today’s buyers only able to purchase a home with an FHA loan, it is essential that REALTORS® and the general public understand which condominium and townhome properties are eligible for FHA loans.  

Clarus FHA Approval™ also offers Approval Services to assist condominium associations in obtaining FHA approval.  Discounts are provided to condominium associations referred by a REALTOR®.  Failure to be approved for FHA loan eligibility will almost certainly impact the marketability of a condominium.  Encourage the condominium homeowners associations in your market area to seek approval for FHA loans now!

If you need help for your association please contact us, it is our pleasure to help you increase the marketabilty of your home!

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

      

(714) 241-4532

1525 Mesa Verde Drive East

Costa Mesa, CA   92626-5221

Posted via email from Larry Weichman's Blog (714) 241-4532

CalHFA Gives First-Time Homebuyers an Attractive Option in Orange County California Real Estate!

CalHFA gives first-time homebuyers an attractive option in Orange County California Real Estate!

CalHFA is pleased to announce a new 30-year mortgage, insured by the Federal Housing Administration. According to CalHFA, this is the CalHFA’s flagship mortgage loan product to get them back in business, 

and being offered to first-time homebuyers. In addition, CalHFA has made some improvements to the California Homebuyer’s Downpayment Assistance Program (CHDAP) that makes it even more attractive

The CalHFA FHA mortgage is, at first look, simple enough: a 30-year loan with a fixed rate. It stands out for two reasons, though. One, it carries a below market interest rate, the result of ongoing bond

negotiations between CalHFA and the US Treasury. Two, when combined with CalHFA’s CHDAP or AHPP (Affordable Housing Partnership Plan) programs, the rate may drop even lower, currently giving a 0.125%

break for CHDAP and 0.25% break for AHPP. They have also made some changes to the underwriting and documentation requirements for CHDAP, so its standards conform to the standards of the first mortgage. 

CHDAP now only requires a 1% buyer contribution instead of the previous 3%. In addition, the School Facility Fee Down Payment Assistance Program has returned. This program gives a conditional grant to

purchasers of newly constructed homes in California, to be used for down payment, closing costs, upgrades, or any other aspect of the purchase. The grant averages about $5,000, and if the qualified buyer stays 

in the property for three years, it does not need to be repaid. CalHFA continues to be dedicated to safe, responsible lending. A FHA loan requires a 620 credit score, and every borrower must undergo homebuyer

counseling. This FHA loan product, along with their down payment programs, represents a new beginning for CalHFA as they move forward after the extremely challenging events of the past few years. With powerful 

products like these, CalHFA is poised to open doors for new homebuyers, and fund possibilities for the future once again.

This article is courtesy the "California Housing Finance Administration (CalHFA)"

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

 

 

Posted via email from Larry Weichman's Blog (714) 241-4532