How much do I have to save to buy a Metro Detroit Home

First Time Home Buyer Tips

As a new home buyer one of the biggest questions is:  “ what is the minimum amount of money you need to buy a home?”

The minimum amount down needed for most Metro Detroit homes is 3 1/2%.  FHA mortgages are a relatively easier government Loan program that has easier credit guidelines and credit score minimums.  FHAallows you to only put 3 1/2% down.

On a   $75,000 house that is $2625

On a $100,000 house that is $3000

On a $150,000 house that is $4500

On a $200,000 house that is $6000

Many people save for a couple of years, or use their wedding money, or their tax returns for a down payment.  But if you have a really good family that will give you the money you can recieve a gift that will cover the downpayment.  So if your grandparents, or parents, uncles, aunts, sister, or brothers want to give you thedownpayment you won’t have to save.  FHA allows you to recieve a gift from immediate family.

Then you say what about closing costs?  Closing costs are the fees required to close on the mortgage and the home.  If you don’t have money for closing costs you can ask the seller of the home to pay for them.  That happens quite often.  Your realtor will make that a part of the purchase agreement.  Of course you won’t get as much off the list price because you are asking for the seller to pay closing costs.  But you won’t have to come up with closing cost money out of your pocket.

So if you have a really good family and they will give you the down payment money you could actually buy a home without with any money out of your pocket (with sellers paid closing costs).  Even if your family can’t give you the money, YOU CAN SAVE THE DOWNPAYMENT YOURSELF.

It may take time to save for a downpayment but you can do it.  Whether you want to buy a Redford home or aNovi home, you can get that home.  It make take a little time to save, but trust me the time will fly by.  Start saving today and make your future home dreams a reality.

More first time home buyer tips

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My thought of the day

Let me ask you something. If someone prays for patience, you think God gives them patience? Or does he give them the opportunity to be patient? If he prayed for courage, does God give him courage, or does he give him opportunities to be courageous? If someone prayed for the family to be closer, do you think God zaps them with warm fuzzy feelings, or does he give them opportunities to love each other?

- “Evan Almighty”

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