How much does buying a house really cost for a first time home buyer? We have no idea how much we need to save anyone have an idea ? We plan on buying a 300k house

I’m wondering this also. My fiancé is worried about buyer cost and realtor fees and how much we’d need to save up to actually be able to afford a home later this year. We have until October to find a place and I’m so stressed 😩

@Jessica girl imma message you! We have to move in October too!! Lol i been research ing on different bank websites but all these numbers are different 😳

So, in 2021 I bought a house for 216,000 I had to pay roughly $8000 in closing cost (and that was with a discount because my agent was a friend so she took a pay cut to help me out).

Depending on the loan you get you need around a 10% down payment. Some first time home buyer loans are much less. But first time home buyer loans tend to have a higher interest rate. Then closing costs depend on a bunch of other factors. My husband and I bought our first house for $150k and we spent 5k on closing and 10k for the down payment.

@Jessica how much were the payments though since the market went up

You need about 10% down payment for a decent interest rate. If you have open credit/debt you may need to pay some of that off to lower the DTI depending on how much you make. The interest rates are also high right now. Our first house we bought back in 2021 and paid about 9k in closing costs and only put 3% down cause we went with an FHA Loan. We bought another house last year and closing costs were way more and we put 20% down this time and went with a conventional loan to avoid paying PMI. You can message me if you want, I am a mortgage processor, I could connect you with the broker I work with and we can take a look at a loan for you

Where are you from? I'm a realtor and can help shed some light and potentially get you connected with someone who can help you with the financial part of it. The first thing is to get pre-approved. There are many many choices for lenders and different types of mortgages available which require different things. Realtor costs vary due to their commission fee, but it's negotiable. There are times when sellers will offer assistance and cover closing costs or Realtor commission.

@Elina you are an angel!! Yes interest rates are so high right now!

@Jessica how much did you put down?

I didn’t put anything down

@Jessica howww omg any specific loan?

@Marilyn wow thats amazing! I wish! Lucky!

Yeah the interest rates is what’s killing lots of people. For example, our new house was 500k and our payment is 3800$ a month at 7%. We didn’t care about the interest rate or payment cause we just wanted to get this specific house no mattter what and are waiting for a good opportunity to refinance. We are also renting out our first house so there is a bit of extra income there from the rent, but the interest rate and payment on that house is really low

It depends on a lot. We bought a $200k house in 2019. We did an FHA loan and asked for sellers help which means the seller covers closing costs out of their profits. So we didn't have to pay for any closing/realtor fees but we did put 20k down. We got lucky and had a 3.1% interest rate (which was insanely cheap)