Understanding Home Buying Costs

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Real Estate

 

How Much Money Do You Need to Buy a House in the Lowcountry?

Buying a home is an exciting journey, but it’s important to know the costs beyond just the listing price. Whether you're eyeing a cozy spot in Summerville or a beach getaway near Charleston, let’s break down what it really takes to call a house your own.

When purchasing a home with a VA or FHA loan, like many of my clients in the Lowcountry, there are unique advantages that can help ease the financial burden. Both loan types offer competitive rates and flexible options for first-time homebuyers or veterans looking for a place to settle down.

Down Payments

VA Loans: One of the most significant benefits of a VA loan is that it often requires no down payment, making it an excellent option for veterans or active military.

FHA Loans: With an FHA loan, the down payment can be as low as 3.5%, perfect for first-time buyers or those without substantial savings.

Closing Costs

Closing costs typically include fees for the appraisal, inspections, and title insurance, and can range from 2% to 5% of the home’s purchase price. VA loans offer the benefit of negotiating these costs with the seller or including them in the loan itself, while FHA loans allow for flexibility in closing costs as well.

Mortgage Insurance
FHA Loans: With FHA, you’ll likely need to budget for mortgage insurance, which can be factored into your monthly payment.

VA Loans: On the other hand, VA loans don’t require mortgage insurance, saving you money in the long run.

Additional Costs
Be prepared for ongoing costs such as homeowners insurance, property taxes, and maintenance. A home inspection is always recommended to catch any potential issues before closing.

Ready to make your move? Don’t wait for the perfect time—let’s make it happen now! Whether you're a first-time homebuyer or a veteran looking for that perfect place in the Lowcountry, I'm here to simplify the process and guide you every step of the way. Get in touch today and let’s start planning your next home!

Learn more about homebuying costs here

bankrate.com/real-estate/how-much-money-do-you-need-to-buy-house/