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How much does it really cost to buy a house?

 
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amother




OP
 

Post Sun, May 09 2021, 11:31 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?
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amother




Seagreen
 

Post Sun, May 09 2021, 11:35 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.
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amother




OP
 

Post Sun, May 09 2021, 11:36 pm
Thanks. The house I'm looking at is in Philadelphia.
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amother




Honeydew
 

Post Sun, May 09 2021, 11:37 pm
What area are you in? Expenses and taxes vary from state to state.
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amother




Firebrick
 

Post Sun, May 09 2021, 11:54 pm
Where I live I need that much for a downpayment on an apartment/condo! 🙈
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amother




Bisque
 

Post Sun, May 09 2021, 11:54 pm
Usually the down payment is 20%, if you put down less you need pmi which is a kind of mortgage insurance.
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Kiwi13




 
 
 
 

Post Sun, May 09 2021, 11:58 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.
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amother




Jetblack
 

Post Mon, May 10 2021, 12:13 am
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
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ra_mom




 
 
 
 

Post Mon, May 10 2021, 12:13 am
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.
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tichellady




 
 
 
 

Post Mon, May 10 2021, 12:37 am
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
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amother




Magenta
 

Post Mon, May 10 2021, 12:39 am
There are houses in Philly for $250,000? I'm stunned.
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amother




Jetblack
 

Post Mon, May 10 2021, 1:01 am
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.
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ez-pass




 
 
 
 

Post Mon, May 10 2021, 6:23 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.
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SafeAtLast




 
 
 
 

Post Mon, May 10 2021, 7:15 am
amother [ OP ] wrote:
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?


Taxes Depending on the area.
If you earn around $3,000 a month and if taxes are at $1,000 a month, you can put down a 10% downpayment of $25,000 and will pay around $1625 in mortgage and tax payments.
If you get approved to put down 20% which is $50K, your mortgage and tax payments will come out to about $1555 a month.
Tax payments a month will come out less if taxes in your area are lower.

ETA this is for a 30 year mortgage.
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amother




Coral
 

Post Mon, May 10 2021, 9:44 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)
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shaimac1




 
 
 
 

Post Fri, May 21 2021, 6:08 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...
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amother




Lawngreen
 

Post Fri, May 21 2021, 6:27 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.
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amother




OP
 

Post Fri, May 21 2021, 6:54 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.
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