It is paid on closing, when you sign documents with the lawyers office. Pay all closing fees before the lawyer hands you the keys.

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I want to buy a home under an affordable housing program in nyc. they are asking for $65,000 (15% of total value) to cover down payment and closing costs. i don't have anywhere near this much, but i have a good salary. i am a veteran, could the va help me with the initial costs plus the mortgage? thanks!

Yes, VA will be your best bet. You will have to pay a funding fee on a VA loan, which is a certain percentage of the loan value, so it's not as cheap in the long run as a conventional mortgage. But, you don't have to pay PMI on a VA loan and you can finance the entire purchase price as well as closing costs and even the funding fee.

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If i have perfect credit, no loans anywhere, no credit card debt or car payments, and want to and can pay $2,200 a month on mortgage (regardess of my income), and can afford $65,000 down payment inclusive of closing costs, and assuming a tax rate on real estate of 8% where i live, and i want a 30 year mortgage, what is the house i can afford at an interest rate of about 6%? please do the math for your points, don't give me a link.

Around $430,000

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I want to buy a house i have seven hundred in the bank and the house i want is 65,000. i have been at my job for a year and recieve 335 a week (for the last 15 years) in child support for my two children. i had bad credit but have paid off many debts in the last year. do you think i have a chance on getting a loan? if so how much would it be for closing costs. any answer is helpful. thank you! and god bless!

If you are able to do an FHA loan will need at least 3% of the sales price as a down payment....and then I would figure closing costs around 5-6%. You can also negotiate with the seller to see if they will pay any of the closing costs which will lower what you have to bring.

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My husband and i bought a home 4 years ago for 65,000. we want to sell our house and buy a piece of land and a new modular. we live in hadley pa, and we need to stay in this area b/c i am handicapped and need to stay close to my family. anyway all the homes for sale in our area are at least 100,000 and they need work. so we think it would be better to buy a brand new modular. this would cost around 120,000. what would the mortgage payment be?

Yes, you can. If you have good credit and a down payment, you could get an Option ARM and your payments would be well under $700. Rick http://www.fairwaymorgagelending.com

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Foreclosure fallout: houses go for a $1 ron french / the detroit news detroit -- one dollar can get you a large soda at mcdonald's, a used vhs movie at 7-eleven or a house in detroit. the fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of america's poorest big cities. and it still took 19 days to find a buyer. advertisement the sale price of the home may be an anomaly, but illustrates both the depths of the foreclosure crisis in detroit and the rapid scuttling of vacant homes in some of the city's impoverished neighborhoods. the home, at 8111 traverse street, a few blocks from detroit city airport, was the nicest house on the block when it sold for $65,000 in november 2006, said neighbor carl upshaw. but the home was foreclosed last summer, and it wasn't long until "the vultures closed in," upshaw said. "the siding was the first to go. then they took the fence. then they broke in and took everything else." the company hired to manage the home and sell it, the bearing group, boarded up the home only to find the boards stolen and used to board up another abandoned home nearby. scrappers tore out the copper plumbing, the furnace and the light fixtures, taking everything of value, including the kitchen sink. "it about doesn't make sense to put the family out," upshaw said. "once people are gone, you're gonna lose the house in this neighborhood." tuesday, the home was wide open. doors leading into the kitchen and the basement were missing, and the front windows had been smashed. weeds grew chest-high, and charred remains marked a spot where the garage recently burned. put on the market in january for $1,100, the house had no lookers other than the squatters who sometimes stayed there at night. facing $4,000 in back taxes and a large unpaid water bill, the bank that owned the property lowered the price to $1. $1 sale to cost bank $10,000 while it's not unusual for $1 to be exchanged when property is transferred for legal reasons, listing a home in the multiple listing service for $1 was surprising and unsettling to kent colpaert, the listing real estate agent for the property. "i've never seen a home listed for $1," colpaert said. "but it's been hit hard: it's just a shell." on tuesday, realtor.com listed one other single-family home, one duplex and one empty lot at $1 in detroit. dollar property sales are the financial hangover from the foreclosure crisis, said anthony viola of realty corp. of america in cleveland. lenders that made loans to unqualified buyers during the height of the subprime market now find themselves the owners of whole neighborhoods of vacant, deteriorating homes. "no one has much sympathy for these banks that made subprime loans," viola said. "and in some cities like cleveland, judges aren't letting them sit on the properties -- they're ordering them to tear them down or sell them." so desperate was the bank owner of 8111 traverse street to unload the property that it agreed to pay $2,500 in sales commission and another $1,000 bonus for closing the $1 sale; the bank also will pay $500 of the buyer's closing costs. throw in back taxes and a water bill, and unloading the house will cost the bank about $10,000. "it doesn't make sense in some neighborhoods to keep paying costs and costs," colpaert said. "it can make more financial sense to give it away." buyer calls it an investment colpaert declined to provide the name of the prospective purchaser, because the deal had not been through closing. the agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash. the buyer, a local woman, considers the home to be an investment property and will not live there, colpaert said, though exactly how soon the buyer can expect to recoup her four-quarter investment is questionable. replacing the guts of the house will costs tens of thousands of dollars, and the owner will have trouble keeping scrappers from stealing the improvements as quickly as they're installed. home demolition costs about $5,000, colpaert said. meanwhile, the new owner will owe $3,900 in property taxes in 2009 on her dollar purchase unless she challenges the tax assessment. while selling a home for the amount of change most people could find between their couch cushions is unusual, some abandoned homes in detroit sell for $100; vacant lots can be purchased for $300. "my 14-year-old son could buy a block of detroit property," said ann laciura, senior servicing specialist for the bearing group. http://www.detnews.com/apps/pbcs.dl l/art... how shameful is this? this house got sold in 2006 for under $70,000, yet the buyers still couldn't afford mortgage so it got foreclosed. after the bank took back the property, the house was in such bad shape that it got boarded up and no one even stepped foot into the property. deciding that it was such a big liability, the bank decided to sell it for $1. detroit is in such a bad shape it's funny. what do you think we could ever do to rebuild this city? http://www.detnews.com/apps/pbcs.dl l/article?aid=/20080813/metro/80813 0360

selling a home in Detroit for $1 is nothing new the house that my Dad was born in (1928) large, wood burning fireplace, 3 bedrooms was sold in the mid 80's for $1( the HUD rule was it needed to be up to code within 1 year since it was in shambles) it wasnt brought up to code after the $1 purchase ..so it was bulldozed

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The house we are trying to buy comes with land and it's a manufactured home..it appraised for 70,000 and the asking price is 65,000..we've been trying to find somewhere that will let us put 10 percent down...bc every where we have went wants 20% plus closing cost which is too much.does anywhere no where i can find a place that allows 10% down instead of 20% maybe like a website or something and if it helps the house is in texas..thanks so much<3

You won't find help online. The reason the banks want 20% down is because the manufactured home is perceived to be a riskier investment and they want more of the risk to be on you. Note, the downpayment has to be from you and the bank will check your bank statements to see where the money is coming from. If you suddenly have an extra $6500, they will ask who gave it to you and then ask to see that person's bank statements.

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Ok so your trying to sell a house for 67,000 its a manufactured home, year is 77 3 bed 2 bath, and sits on 1/4 of an acre nice condition good area but its been on the market for a while and it hasn't gone yet here is the reason, the foundation is old and it needs to be updated before any mortgage company will touch it. a person makes you an offer, they know a contractor that will jack up the house and upgrade the foundation, it'll be 4 to 5 thousand for the upgrade, the buyer wants you to upgrade the foundation, then buyer offers 65,000 plus asks you to bundle the closing cost into the final sale, which brings it back up to 67,000. with the cost of the upgrade and bundling the closing costs, a profit of 60,000 7,000 less then asking.. so.. would you think this is a good deal? knowing the house hasn't sold yet because no one will finance without a proper foundation, unless they have a whopping 20% down.. by the way i am the buyer concidering making this offer.. the house is nice, in the area we want to live in and within our budget so that i can remain home with our still young children...

Yes...sounds like a good plan to me.

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1 . compute the mortgage loan amount for an $80,000 house, given a 20% down payment. a. $16,000 b. $64,000 c. $80,000 d. $96,000 2 . if the purchase price of a house were $56,800, what would the down payment be if 15% were required? a. $8,520 b. $48,280 c. $56,800 d. $65,320 3 . what is the mortgage loan amount for a house that costs $234,000 if 18% of the purchase price is required as a down payment? a. $276,120 b. $234,000 c. $191,880 d. $42,120 for questions 4, 5, and 6, use the monthly payment for a $1,000 loan table on page 799 of your textbook. 4 . what would the monthly payment be if the mortgage amount was $96,000 for 25 years at 6%? a. $618.24 b. $644.00 c. $6,440.00 d. $96,000.00 5 . compute the total amount paid after 20 years for an original mortgage amount of $56,000 at 5.5% interest. a. $92,467.20 b. $7,705.60 c. $56,000.00 d. $385.28 6 . find the total interest charged if the amount of the mortgage is $154,000, with a 30-year loan at 7% interest. a. $1,024.10 b. $154,000.00 c. $214,676.00 d. $1,024,100.00 for questions 7, 8, and 9, use the following table. 7 . find the closing costs on a $56,000 mortgage amount. a. $56,000 b. $2,895 c. $1,120 d. $700 8 . alicia's mortgage amount loan is $88,000. compute her closing. a. $3,935 b. $1,760 c. $1,100 d. $1,075 9 . compute the total mortgage amount if closing costs are added into the base mortgage amount of $86,500. a. $3,931.25 b. $82,568.75 c. $87,620.00 d. $90,386.25 10 . using the basic interest formula prt = i, compute the first-month interest for a 30-year, $89,000 mortgage at 5.6%. a. $415.33 b. $4,984.00 c. $168.00 d. $166.13 11 . find the payment to principal on a monthly payment of $549.60 if the principal amount before the payment was $76,000.00 and the apr was 7.2%. a. $75,544.00 b. $456.00 c. $93.60 d. $39.57 12 . compute the new principal if the previous balance was $45,560.00 with an interest rate of 8.5% for a 20-year loan and a monthly payment of $543.45. a. $45,560.00 b. $45,339.27 c. $45,237.28 d. $45,016.55 13 . compute the assessed value if the market value is $125,000 and the assessment rate is 45%. a. $56,250 b. $68,750 c. $181,250 d. $277,777 14 . compute the real estate tax if the market value is $98,000, assessment rate is 55%, and tax rate is exactly 0.0385. a. $53,900.00 b. $3,773.00 c. $1,697.85 d. $2,075.15 15 . find the amount of coverage on a home if the replacement value is $123,560 and the percent of coverage is the minimum 80%. a. $98,848 b. $24,712 c. $222,408 d. $617,800 16 . using the following chart, compute the amount of coverage on personal property for a home with a market value of $320,600 and a replacement cost of $256,480 (figured at 80%). a. $160,300 b. $128,240 c. $256,480 d. $205,184 for questions 17 and 18, use the homeowners insurance premiums table on page 359 of your textbook. 17 . compute the annual premium for a brick home with a replacement value of $87,500 and 80% coverage in fire protection class 1. a. $213 b. $225 c. $241 d. $268 18 . compute the annual premium for a wood-frame home with a replacement value of $150,000 and 80% coverage in fire protection class 9. a. $484 b. $508 c. $625 d. $657 19 . current fha recommended guidelines are that housing costs be less than 35% of monthly net pay. use the following chart to compute the total monthly housing costs if total net income is $1,633. a. $1,633.00 b. $596.50 c. $357.50 d. $208.78 20 . determine if the taylor family is within the fha recommended guideline for housing costs (≤ 35% of net income) by using the following chart. compute the amount that the family is over or under the recommended percent. a. the taylors are $356.15 below the recommended guideline. b. the taylors are $356.15 above the recommended guideline. c. the taylors are $886.00 above the recommended guideline. d. the taylors are $886.00 below the recommended guideline.

Honestly, this looks like all of your homework problems. If you want people to do your homework for you, forget it. Just flip back a few pages to the section that tells you how to set-up and solve these problems. If there a few specific problems you don't understand at all, then ask them here. Other than that... Sit down for about 1-2 hours and do your homework! Work for your grade! Good Lord... Don't be so lazy!

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Ive been trying to get a mortgage since january. the mortgage company told me after a month of having one credit card i should be able to get a mortgage as long as something is showing up. in the beginning of march i got a car through ford motor credit and ive had two credit cards since before that. i have paid all my bills on time but my credit score is still 0. it shows up on my credit report that i've paid but theres no score. can some one please help me i have been waiting patiently to get a house but i can't get one without a score. i work at a car dealership and make 20,000 a year draw, not including commission my commission is between $500 and $800 a month i know it doesn't count toward a loan but i have enough money to pay my bills. i want a house that is 65,000 the wv housing will give me 3,000 to put down on house and the closing costs are paid. if i dont go through wv housing i dont want to put anything down. some one please give me a suggestion ive tried almost everything.

You haven't tried everything. You never should have gotten a credit card just so you didn't have a 0 credit score. WHoever told you that ...... I got my first credit card at age 50. I bought lots of houses. The lenders have learned an important lesson from the recent credit crisis. Having ZERO credit is excellent credit. It means that you have not screwed up your credit which is wonderful. THey gave me the loans based on my utility bills and my rent receipts. That is the definition of "good credit". You pay your bills on time. You have a double whammy , tho. You are self-employed (a commissioned salesman is every mortgage company's nightmare - I know because i am one). And you don't really make very much money. Here is what i want you to do. You need to find the cash to buy this house. 2 weeks or 2 years after you buy the house, banks will be lining up to give you a loan. THey always do. So how do you get $65,000 cash. You ask everyone you know. And you offer them 10% interest. A savings account at the local bank pays me 1%. I loaned out $63,000 to a young couple at 5.9% interest and i'm happy to be making more than the 1% from the bank. They pay me every month on time. Just like you will. If you can't find a family member or neighbor to do it, check your paper for a "hard money" lender. He will loan you $65,000 today but the rate is 18% interest. He knows you will be panicked to get his loan paid off. Don't rush too much. It sounds high but you will own a house and it's worth it. Then the same mortgage company that made you get a credit card will mysteriously be begging you to get a loan. I guarantee it. Get to work.