Profile picture for AlexBal

closing costs

I am a first time home buyer and I am looking to buy a home before the April 1st 2010 to qualify for the tax credit. I am looking to buy something in Waltham, MA area for 220000 or less. I will have about $9k saved by the end of March 2010, which should cover 3.5 of the down payment and leave some extra cash. 
    I am however concerned about the closing costs. I know that they might be quite substantial. So my question is: what approximately will my closing costs amount to? Is it possible to roll them into the loan? 
  • December 27 2009 - Waltham
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Answers (5)

If you are thinking of purchasing a single family in waltham, your options are limited in your price range. There are some condo in your price rangein waltham, but my guess would be that very few if any would qualify for FHA. Have you spoken with a qualifie loan officer/Mortgage broker?
  • December 29 2009
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Profile picture for shapiroamg
Traditional MA closing fees. and these will vary between the service providers.

350-appraisal for single fam (could be up to $400)
30-40 credit report
$500-$1200 processing + underwirting
$500 Attorney closing
$200 title search
$150 plot plan
$300 recording
$100 MLC and recording
$50 Fedex or currier if needed
Title insurance $4.25/$1000 borrowed for both owners and lenders. this is the premium policy.

Then you have your escrows and pre paid insurance. To be safe, $5-6000 on a loan with no points.
  • December 29 2009
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Alex:

You have indicated that you will be using a FHA loan which allows the seller to contribute up to 6% towards closing costs and pre-paid costs.  This should easily cover your up front costs.  So, to answer your question you can certainly roll them into the loan, and generally closing costs are about 1% of your loan amount plus title insurance and other costs. 
As, the prior gentleman said Mass Housing is another option.  I am a buyer broker in the area and do a lot with first time home buyers. I offer a one hour free consultation for first time home buyers.
  • December 28 2009
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If the Mass. Housing program is not feasible you could stipulate in the sales contract that seller will pay your closing cost and prepaids.(up to 6% of the sales price) It is not possible to include those cost in your loan but if seller agrees to pay cost you are likely to need to pay a higher price to off set sellers cost. It is similiar to adding cost into loan and only cost about $5.50 per month per thousand financed. Start your house hunting early in case Housing program requires more time.  Post a loan request on Zillow and find a local lender to work with and get pre-approved.  Good luck.
  • December 27 2009
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Hi

You actually have until April 30th to get under contract to qualify for the first time home buyer tax credit and two further months to close the deal.

Now is the right time to start looking for your new home.

As far as closing costs are concerned it depends on the loan you get. However did you know that Massachusetts has a program that allows you to use your first time home buyer tax credit towards your down payment/closing costs?

Follow this link for details:
https://www.masshousing.com/portal/server.pt?mode=2&uuID={E97F7241-F9D4-4917-8ABD-C526D73DB5CE}

  • December 27 2009
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