I am providing you with most (not all) of the out of pocket costs that you may have to pay. This is with the assumption the seller will not pay anything. This is also based on a loan amount of approximately $100,000 (*Starred items are loan specific*) Your total home purchase out of pocket expenses will be between $7,000 and $10,000. Lender will also want you to have approximately 6 months’ worth of payments in the bank after your purchase expenses are paid.

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PART A - (Overall Escrow Costs) 

These are out of pocket expenses at the time service is performed, 

        which have NOTHING to do with the type of loan you will be getting. Listed in typical order due

$500 - $1,000 - Earnest Money - At time of contract acceptance. This can come from anyone. 

         It gets cashed and held at escrow. This can be personal check, or cashiers check, wire transfer, NOT Credit card

$275 - $325 - Home Inspection - Within 2 weeks of opening escrow. Paid at time of inspection. 

         This can come from anyone. Paid with cash/check or credit card

$75 Approximately - Pest inspection - Could be paid though escrow. This can come from anyone. Check, Credit card

$400 - $600 Appraisal - This is paid within about 2 weeks of opening escrow. Must come from buyer*****

$2,000 - $5,000 - Escrow/Title fees - This is due about 5 days prior to close of escrow. 

        $1,500 Escrow & Title Insurance costs

        $2,500 Approximate loan costs (this is about 2% of the loan)******

                These are typically 1% origination fees & 1% processing, underwriting and other office costs

          This must come from buyer. MUST be certified funds: Cashiers Check, Money Order, Wire Transfer

                  $1,200 - The first year of homeowners insurance is part of these costs.

                 After that they are typically included in your monthly mortgage

$1,000 prorated property taxes typically just under 1% of the sale price. Based on a calendar year.

$200 - $1,000 HOA Transfer fees (if applicable)

$500 - $600 - Home Warranty - Usually included in closing costs. We will TRY to get the seller to pay for this

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PART B (Loan Items)

Basic money down for various loans. This has nothing to do with Part A

These have to be certified funds (cashiers check/wire transfer)

        These are due about 5 days prior to close

0.0% for VA Loans

3.5% of sales price for an FHA loan    - Based on $100k loan = $3,500

10% of sales price for some other loans    - Based on $100k loan = $10,000

20% of sales price for most conventional loans    - Based on $100k loan = $20,000

CASH PURCHASE

IF you are buying cash, then you will have to provide 'Proof of Funds’ when the the contract is submitted. 

This is showing proof from your bank account you have the money/funds to buy the house

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PART C (Possible Seller Concessions)

Requesting seller’s assistance can be as much as 3.5% of the sale price. 

        The typical seller's assistance may cover all or part of the:

        Appraisal, Escrow/Title Fees, Home Warranty, Misc. Costs.

Additional costs can include things such as engineering certification for anything 

        attached to the manufactured home such as patio, az room, awning - $600****

Tie downs/Retrofitting the under carriage up to about $2,000******

Asking the seller for sellers assistance (concessions) for cash purchases you will need about 1.5 - 2%

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PART D (immediate after escrow costs)

The fees you have after your purchase are typically: Internet connection

Gas turn on OR propane and propane tank deposit Cable or Satellite

Water turn on deposit of about $100 Moving truck

Electric turn on deposit of $600: get a letter of good standing from your current electric company and this is waived