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Down Payment Advise

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Im a purchasing a home for $165k, the builder/seller is paying all closing and pre-pays, my down pay if 3.5% what are my chances that is what is going to be required the day of closing. I heard stories where people were told one amount but paid a lower amount at closing.

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May 07 - Irving

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Marlene Maheu, Ph.D., "drmm"
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Marlene Maheu, Ph.D., "drmm"

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You can call the escrow office and speak to your escrow agent. they should be able to give you a HUD sheet that details exactly what you will pay, and where it goes.

As for fees being LESS than quoted, I've rarely seen that happen. Most often, fees have been quoted deceptively lower than true, and the consumer has often been stuck at closing with notably HIGHER fees, and no where else to move. They'd end up calling their friends and family in a panic from the escrow office, asking for short term loans to get them through the escrow.

This became such a problem for consumers that the law was changed and now it is mandatory that you be given access to that HUD document BEFORE the close of escrow, otherwise known as COE.

Get a copyof it and look at each fee independently. Then call around or visits great websites like ZILLOW to find out about those fees. Sometimes they are too high or exaggerated, and you can get them lowered if you ask.

But if your builder is covering most of it, you are in good shape. Still, I'd look it all over very carefully. Good luck to you. If you can afford it, this is a great time to find a really good deal!

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May 07

Michael Russell, "real estate mike"
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Michael Russell, "real estate mike"

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With the new hud laws the final hud document must be perfect and this must reviewable by the buyer before singing closing papers. So in theory the old way of guesstimating is over. The cashiers check(or whatever) should be right in line with what's expected. Now five years ago was a different story..

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May 25

Jeff Kessler, "TXHomeRebates"
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Jeff Kessler, "TXHomeRebates"

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You will need to have your lender give you a good faith estimate. Just to be sure.
Taxes and other items will be put on the HUD so the numbers do change.
The more accurate the information you give to the lender the better.
If you have questions please email me, if you don't have a Real Estate Agent. I don't like to step on other agents toes.
J.

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May 07

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