Marcus Bruno: When you’re purchasing a home you’re gonna have to put down a down payment and then you also have closing costs. So the down payment is usually between three percent and five percent. Now you can put down 10 to 20 percent if you like but you don’t have to. A lot of people don’t know that you can go as low as three percent, in fact I’m seeing no money down loans coming out again. Some credit unions have it, and there’s also a rule development loan through USDA that’s no down payment, but for right now most loans require 3 percent to five percent. Then you have closing costs which are lender fees title fees and taxes. Those will come between two percent three percent now what I mean percent I mean percent of the sales price. Sorry I needed to clarify that so closing costs are going to be between 2 percent and three percent, and what I love about Texas is that closing costs are much lower here because there are no transfer taxes in this state. So if you’re looking at a 200,000 home for example if you go three and a half percent down your down payment is gonna be about seven thousand dollars, and the closing cost about two and a half percent, are gonna be about five thousand dollars. So if you’re bringing your own money you would need about 12,000 dollars to purchase a 200,000 dollar home. Which is not that bad but some people don’t have that kind of money so we’re gonna discuss how to get that 12,000 paid for you. It could be an essentially no money down deal right….
This video is actually part of a 25 minute master class about the sources of home buyer cash assistance, misconceptions of down payment assistance programs, and much more. One misconception is that you have to be a first time buyer to qualify. Click below to get access to the master class plus bonus info.