initial home purchasing costs (lease, insurance, mortgage)

[jadedSOUL83]

I'm trying to gauge whether or not it would be practical to buy a house in my neighborhood (mallard creek area) when my apt lease is up in May.

I have about 25k saved for costs and downpayment and all, but I was just curious about closing costs and other initial costs of purchasing a house in the 120-130k range since I've found a few in that range. How much would I be looking to throw down for those initial costs, so I can figure out how much I will have to throw at the downpayment as of now? I already have tons of furniture and home stuff, so I wouldnt be spending a lot of money on that, but as this would be my first home and also I'm in a new state, I have no idea the $$ that is involved in the closing, inspection, all that jazz. Thanks.

[Charlottean]

When financing the purchase a good estimate would be between 2.5-3% in closing costs. Of course the only way you will know an exact or as close as possible number would be to contact a lender and have then run numbers for you. After you receive the good faith estimate add in any additional expenses like inspections, surveys, etc..

[carolina_guy]

In this market you would likely have a pretty good chance of the seller paying most if not all of your closing costs.

[jadedSOUL83]

Thanks for the info! Sounds like it will be pretty doable. Right now we pay 850 a month for our apt. Even the houses in the range 120k-130k that I'm looking at are still slightly more space and will be not much more than we pay now after taxes and insurance. Its just a matter of whether or not I can get a loan by then. I only started my job 3 weeks ago and my gross is around 560 before taxes. I didnt want to put my gf on the mortgage if I could do it myself and she would be paying me rent until and IF we ever got married lol. Right now we do just fine with our rent, but I doubt anyone will give me a loan for 120k if I only bring home 450 or so a week and wanted to put it only in my name She makes around 800-900 a week but only claims about 600 a week since shes currently waitressing, and plus like I said who knows if we'll be together forever, so I would rather the house be in just my name or just her name, as I would not want it in both of our names pending a future break of some sort. I'm not dealing with that mess.