Closing Cost

**ksk** · #1 10-28-2011, 01:47 PM

It's been years since I bought a house/property.It has been an eye opener.Is it standard practice for the buyer to pay all/most of the closing cost? I am also finding out most loan companies want 20% down payment.I don't see how a first time home owner affords purchasing a house/property.

**InfamousJ** · #2 10-28-2011, 01:55 PM

try working for yourself as a small business owner and getting a loan for a home or property.. it's even worse.

**I Fall In** · #3 10-28-2011, 05:43 PM

Closing costs are negotiable. Just depends on what seller is willing to pay.

**DoublePlay** · #4 11-01-2011, 01:41 PM

NO, that's not standard for the borrower to pay all the closing costs and I can get a deal done for you with 3.5% down and if your a vet, nothing down. That said, if you can put down 10%, I can get you into the best arrangement that works for you and doesn't require the full 20% down.
This assumes you have a decent credit score, income I can verify and so forth. It's not as bad or as hard as the media(who NEVER sensationalizes anything), makes it out to be.
PM me or call me at 713-888-0101. Chris Sizemore 18 years in the biz.
DP

**w_r_ranch** · #5 11-01-2011, 08:23 PM

20% should be the absolute minimum, IMO. Our first house was 30% down (standard practice back then). They had better rates for both 40% & 50% down too.

I believe ALL loans should require a decent down payment like in the old days to ensure that the borrower 'has some skin in the game', which will cause the them to stop /think before walking away from their commitment.

I also believe that not everybody is meant to own a house. In most countries, 90% of people rent their entire lives. Home ownership is something special (earned privilege), not a right.