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brgirl09
Member since Jul 2009
257 posts

re: Advice for a First Time Home Buyer
Buy flood insurance... even if you aren't in a flood zone. I didn't and flooded.


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Hangit
LSU Fan
The Green Swamp
Member since Aug 2014
14385 posts
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re: Advice for a First Time Home Buyer
quote:

but most conservative estimates say to factor 5%


I know a kid, 1st time home buyer, getting a starter house for $106k. Should he expect 5-6% for closing costs? He is putting 20% down. He is a 750-760 kid and has been offered 5.25% by one of the online vultures. They also want a little over 10% for closing costs.

He banks with Regions and I told him to speak with them, but would appreciate any better information to pass on.


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cave canem
Mississippi St. Fan
pullarius dominus
Member since Oct 2012
9082 posts

re: Advice for a First Time Home Buyer
quote:

I would be in it until I started a family I believe, which I am in no rush to do so 5+ years.
I have always been told to try to put 20% down, but that just seems like an unpractical amount of savings to have this early in life. I'd hope to put around 5% down possibly once I factor in closing costs and other fees.


IMHO if you plan on being there 5 years or less and will struggle to put 20% down I would not buy unless you feel there is going to be above average appreciation or you are able to do a good bit of improvements on your own.


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