How Much Money do you need to buy a house?

This is one of the most asked questions that my team and I receive from home buyers, and we hear it most commonly from first time home buyers!

Stay tuned because I’m going to answer that question in this Video, and the answer may Surprise you, because for some reason people seem to believe they need a lot more money they to actually do!

Hi, my name is David j Moore, team founder, team leader and professional real estate agent in Maryland! Thank you for checking out this video.

To make this simple, we are going to base this off you buying a home with a sales price of $400,000, located in Maryland and that you are using a low down payment, government backed loan, called an FHA loan.

FHA loans are designed to help home buyers make the move from renting to becoming homeowner easy. This type of loan is very forgiving and flexible with credit scores and other things to make it easy for you to become a homeowner.  

The FHA Loan only requires 3.5% of the sales price as a down payment, which, on a $400,000 house, is $14,000. Now, I know you thinking … WOW, that’s a lot …… but hang in there I’m going to share with you to get that down to almost nothing!

One of the great things about FHA loans is that are most used the 15+ different Home Buyer Assistance & Grant Programs from the County, State and or Federal Governments. What makes this important is that these programs allow home buyers like to get anywhere between $15,000 to $50,000 of the sales price of the home to use for the down payment and closing costs. Plus, you can combine these various programs to make it even easier for you and require less money out of pocket. The best part about the grant and assistance programs is they are very easy to qualify for, you do not need great credit and just about everyone qualifies for them.

Ok, so let’s review this scenario, on a $400,000 house, using an FHA loan, the downpayment is $14,000, and the closing costs are about $12,000. So, the total is about $26,000. Next, we use the most commonly available and awarded Assistance program which gives you, the buyer, 5% of the sales price to help pay these costs, and that’s $20,000! So, $26,000 is due and you get $20,000 in help, that leaves you with only owing $6,000! which is much more affordable and easier to come up!

Now maybe your thinking …. I don’t have $6,000, well that’s ok, we have several options here. One is we ask the seller to pay for some or all it for you … this is usually the easiest to do, the second is we’ll get you a second grant or assistance program to cover all or some of it, third is you can get a gift from a family member, employer or friend.

We have helped quite a few people this year alone that were thinking of renting buy a home of their own with less than $2,000!  hope you find this information helpful and call or text me anytime with any questions you can reach me directly on 410-777-5848.

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If you or anyone you know is considering making move in the next little while, give me a call or pass on my number... 410-777-5848.