Cost to buy house

[Eugene]

I think it’s on the order of $5000. And you may have to show cash reserves for 6-12 months of payments.

Here’s what aimloan.com is showing for a 600k purchase

Purchase Price $600,000.00
AimLoan.com Fees
Guaranteed Lender Fee $1,995.00
Total AimLoan.com Fees $1,995.00

Third Party Fees
Guaranteed Appraisal Fee $300.00
Closing Agent Fee $1,050.00
Title Insurance $850.00
Recording Fee $65.00
Total Third Party Fees $2,265.00

Required Advances
Interest Due at Closing $1,150.00
Homeowner’s Insurance Premium $2,100.00
Insurance Escrow/Impound Deposit $700.00
Property Tax Escrow/Impound Deposit $2,000.00
Total Required Advances $5,950.00

Guaranteed Lender Rebate $0.00
Your New Loan Amount -$480,000.00
Estimated Cash Required at Closing $130,210.00

[DWCAP]

Please forgive the critick of your post, but if you closed at the end of August, you most likley got a loan at what, End of June or early July? So even then the lenders were demanding >10% down, and things have gotten considerably worse in RE finance land (Freddie/Fannie take over, Lehman went down) since then. I find it totally plausable that in the last 10 weeks tightening has gotten even more restrictive.

[DWCAP]

Please forgive the critick of your post, but if you closed at the end of August, you most likley got a loan at what, End of June or early July? So even then the lenders were demanding >10% down, and things have gotten considerably worse in RE finance land (Freddie/Fannie take over, Lehman went down) since then. I find it totally plausable that in the last 10 weeks tightening has gotten even more restrictive.

[DWCAP]

Please forgive the critick of your post, but if you closed at the end of August, you most likley got a loan at what, End of June or early July? So even then the lenders were demanding >10% down, and things have gotten considerably worse in RE finance land (Freddie/Fannie take over, Lehman went down) since then. I find it totally plausable that in the last 10 weeks tightening has gotten even more restrictive.

[DWCAP]

Please forgive the critick of your post, but if you closed at the end of August, you most likley got a loan at what, End of June or early July? So even then the lenders were demanding >10% down, and things have gotten considerably worse in RE finance land (Freddie/Fannie take over, Lehman went down) since then. I find it totally plausable that in the last 10 weeks tightening has gotten even more restrictive.

[DWCAP]

Please forgive the critick of your post, but if you closed at the end of August, you most likley got a loan at what, End of June or early July? So even then the lenders were demanding >10% down, and things have gotten considerably worse in RE finance land (Freddie/Fannie take over, Lehman went down) since then. I find it totally plausable that in the last 10 weeks tightening has gotten even more restrictive.

[stockstradr]

By the way we DO appreciate any posts that correct the rumor we heard about no loans being issued for less than 15% down.

We only heard that 15% min down payment rumor from only ONE source, and I would love to get some independent opinions on that.

With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.

Laugh, I know, but I’m actually thinking about starting to shop for a home. Here in San Jose, home prices are already off by about 35%.

[stockstradr]

By the way we DO appreciate any posts that correct the rumor we heard about no loans being issued for less than 15% down.

We only heard that 15% min down payment rumor from only ONE source, and I would love to get some independent opinions on that.

With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.

Laugh, I know, but I’m actually thinking about starting to shop for a home. Here in San Jose, home prices are already off by about 35%.

[stockstradr]

By the way we DO appreciate any posts that correct the rumor we heard about no loans being issued for less than 15% down.

We only heard that 15% min down payment rumor from only ONE source, and I would love to get some independent opinions on that.

With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.

Laugh, I know, but I’m actually thinking about starting to shop for a home. Here in San Jose, home prices are already off by about 35%.

[stockstradr]

By the way we DO appreciate any posts that correct the rumor we heard about no loans being issued for less than 15% down.

We only heard that 15% min down payment rumor from only ONE source, and I would love to get some independent opinions on that.

With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.

Laugh, I know, but I’m actually thinking about starting to shop for a home. Here in San Jose, home prices are already off by about 35%.

[stockstradr]

By the way we DO appreciate any posts that correct the rumor we heard about no loans being issued for less than 15% down.

We only heard that 15% min down payment rumor from only ONE source, and I would love to get some independent opinions on that.

With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.

Laugh, I know, but I’m actually thinking about starting to shop for a home. Here in San Jose, home prices are already off by about 35%.

[madmoney]

DWCAP,

We closed on our home August 28, 2008. We secured a loan through Aimloan.com referenced in this post by another poster within the last week of August. They finished our loan in 3 days if you belive it or not. We got approved by Wells Fargo in August as well and they weren’t requiring 15% down.

The lending standards haven’t gotten as tight as you think. I can give you several examples of how lax lending still is.

The main reason lenders are requiring a higher downpayment is because they can’t find an Insurance company to provide the mortgage insurance.

[madmoney]

DWCAP,

We closed on our home August 28, 2008. We secured a loan through Aimloan.com referenced in this post by another poster within the last week of August. They finished our loan in 3 days if you belive it or not. We got approved by Wells Fargo in August as well and they weren’t requiring 15% down.

The lending standards haven’t gotten as tight as you think. I can give you several examples of how lax lending still is.

The main reason lenders are requiring a higher downpayment is because they can’t find an Insurance company to provide the mortgage insurance.

[madmoney]

DWCAP,

We closed on our home August 28, 2008. We secured a loan through Aimloan.com referenced in this post by another poster within the last week of August. They finished our loan in 3 days if you belive it or not. We got approved by Wells Fargo in August as well and they weren’t requiring 15% down.

The lending standards haven’t gotten as tight as you think. I can give you several examples of how lax lending still is.

The main reason lenders are requiring a higher downpayment is because they can’t find an Insurance company to provide the mortgage insurance.

[madmoney]

DWCAP,

We closed on our home August 28, 2008. We secured a loan through Aimloan.com referenced in this post by another poster within the last week of August. They finished our loan in 3 days if you belive it or not. We got approved by Wells Fargo in August as well and they weren’t requiring 15% down.

The lending standards haven’t gotten as tight as you think. I can give you several examples of how lax lending still is.

The main reason lenders are requiring a higher downpayment is because they can’t find an Insurance company to provide the mortgage insurance.

[Author]

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