Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Inquiries & Offers -> Moving/ Relocating
How much does it really cost to buy a house?



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
OP


 

Post Sun, May 09 2021, 8:31 pm
I am hoping to move and I was planning to rent an apartment or house. The realtor is trying to convince me that I can buy a house. If a house costs $250,000, what would I be expected to pay for a down payment? Mortgage? Taxes? Maintenance and other expenses?

Also, I am told there are grants for first time home owners. How much is typical to get?
Back to top

amother
Seagreen


 

Post Sun, May 09 2021, 8:35 pm
I heard for that price you would have to put down 10k. Could be I’m wrong.
Mortgage 3k
The other expenses are very location based.
Back to top

amother
OP


 

Post Sun, May 09 2021, 8:36 pm
Thanks. The house I'm looking at is in Philadelphia.
Back to top

amother
Honeydew


 

Post Sun, May 09 2021, 8:37 pm
What area are you in? Expenses and taxes vary from state to state.
Back to top

amother
Firebrick


 

Post Sun, May 09 2021, 8:54 pm
Where I live I need that much for a downpayment on an apartment/condo! 🙈
Back to top

amother
Bisque


 

Post Sun, May 09 2021, 8:54 pm
Usually the down payment is 20%, if you put down less you need pmi which is a kind of mortgage insurance.
Back to top

Kiwi13




 
 
    
 

Post Sun, May 09 2021, 8:58 pm
Minimum down payment, depending on loan programs, is 3%. Some require 5%. Anything under 20% requires PMI. Some rare finds might not require a down payment at all (USDA loans, some specific lending options in areas where they need people to buy, but those things aren't likely to happen in a frum area).

Just a word of caution: The lower your down payment, the trickier it gets if the house doesn't appraise for what you expect it to.
Back to top

amother
Jetblack


 

Post Sun, May 09 2021, 9:13 pm
Down payment 20% is 50k
Figure another 7-10 k closing costs.
Look on Zillow at similarly priced homes in the neighborhood. In the details it shows the rent.
I think the taxes there are cheap. Like 2-3k a year max. But please check that.

It will probably cost $1300/month not including maintence assuming you put down 20%
$840 - mortgage
$210 - taxes
$110 - home owners insurance

If you put down 10% - 27k
Monthly payments will be more like 1400-1500
$950 - mortgage
$125 - mortgage insurance
$210 - taxes
$110 - home owner insurance
Back to top

ra_mom




 
 
    
 

Post Sun, May 09 2021, 9:13 pm
amother [ OP ] wrote:
Thanks. The house I'm looking at is in Philadelphia.

https://www.phila.gov/services.....lphia's%20Division,help%20first-time%20home%20buyers.

It looks like they're not accepting new applicants now. Speak to a mortgage broker who knows the ins and outs of these types of grants.
Back to top

tichellady




 
 
    
 

Post Sun, May 09 2021, 9:37 pm
Speak to a mortgage broker not random women who don’t know anything about your financials situation. There is no one size fits all answer for this
Back to top

amother
Magenta


 

Post Sun, May 09 2021, 9:39 pm
There are houses in Philly for $250,000? I'm stunned.
Back to top

amother
Jetblack


 

Post Sun, May 09 2021, 10:01 pm
amother [ Magenta ] wrote:
There are houses in Philly for $250,000? I'm stunned.


Near the yeshiva or in frum areas. Further away you can get easily for under 75k a livable townhome.
Back to top

ez-pass




 
 
    
 

Post Mon, May 10 2021, 3:23 am
Speak to a mortgage broker. you can pm me and I will give you a name if an amazing mortgage specialist who is licensed in Pennsylvania.
Back to top

gonewiththewind1




 
 
    
 

Post Mon, May 10 2021, 4:15 am
[

Last edited by gonewiththewind1 on Thu, Dec 23 2021, 5:32 am; edited 1 time in total
Back to top

amother
Coral


 

Post Mon, May 10 2021, 6:44 am
We're in the process of buying a house in a more expensive area, but I'm happy to share our numbers with you:

House cost: just over 400k.
Down payment: just over 20k (5%)
Closing costs: 10-15k (still waiting for final number)
Mortgage rate- 3%
Monthly mortgage +pmi- ~2k a month
Insurance plus taxes ~1k a month (check online what taxes in Philly are, we're somewhere more expensive)
Back to top

shaimac1




 
 
    
 

Post Fri, May 21 2021, 3:08 pm
Property Taxes in Philadelphia are expensive and you will pay a very high income tax even if you don't work in the city if Philadelphia and please realize the areas you are thinking of don't have an Eruv and aren't as cheap as you think, I lived in one of those townhouses...feel free to PM me...
Back to top

amother
Lawngreen


 

Post Fri, May 21 2021, 3:27 pm
We bought a house for $105,000 (Cleveland). We put down $7000 down. Our monthly mortgage is $800 including real estate taxes and insurance.
Back to top

amother
OP


 

Post Fri, May 21 2021, 3:54 pm
That's amazing! Maybe we should move to Cleveland instead!

I am giving up on affording a house in Phillie, but Cleveland is very far away.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Inquiries & Offers -> Moving/ Relocating

Related Topics Replies Last Post
Budget for 500k house
by amother
22 Today at 5:40 am View last post
Looking to buy a cheap wig in rbs
by amother
11 Today at 1:19 am View last post
House rental for Pesach. 5 Yesterday at 5:47 pm View last post
S/O no-shoe house
by amother
6 Tue, Mar 26 2024, 4:30 pm View last post
Shoes in the house
by amother
35 Tue, Mar 26 2024, 11:51 am View last post