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Do I have to pay closing costs when buying real estate in Sherman TX?

When you start the search for a Sherman TX house to make a home you may ask what are the closing costs going to be? This can vary depending on what type of loan program that works best for you and your needs. We see in the Sherman TX home search that several buyers are choosing to us the FHA or VA loan programs. Both of these loan programs offer a low down payment or no down payment option to Sherman home buyers. The VA or Veterans Administration loan program is only available to those that have severed, and those family members that are eligible for the program. The FHA or Federal Housing Administration loan program is available to all as long as you meet the credit score requirements. 

 

 

Who pays closing costs on a Home?

This is a negotiable item as to who pays closing costs. Depending on the loan program that works best for you and your needs as a home buyer you can ask the seller to pay for your closing costs. We reached out to one of our Preferred Lenders to ask a few more questions that may help in the loan process. 

On a FHA loan how much can a buyer ask for in closing cost assistance?

 6% of the purchase price. As a Sherman Home buyer this is what is allowed to be asked and submitted in the offer. But is it what you want to ask for and is it the best way to go? Each property is different and we will discuss the best option for you as the offer is being written up. We are here to help you and walk you through the offer process. 

On a VA loan how much can a buyer ask for in closing cost  assistance? 
As a Veteran there are several options that you have to work with. Talking to the lender in detail concerning this is your best starting point. You can ask for up to 6 percent of the sales price to be paid by the seller. As we move forward in the offer process and get ready to make an offer discussing what the lender feels is needed in closing costs is very important. 

6% of the purchase price but they at least need to have about $2500 (VA won’t allow the veteran to pay certain closing costs) 

What is included on closing costs on a home? 

Lender fee, appraisal, attorney doc prep, prepaid (escrows & interest), title company fees, survey, credit report etc

Appraisal:

Which gives the value of the property as to what has sold in the past 90 to 180 days. 

Credit Report:

The lender pulls your credit to show what the credit bureaus say  the numbers are. In most cases the better your credit is the better your rate of interest will be.  

Lender’s Policy Title Insurance

This is normally required to get a loan on a property and is a charge to the buyer. What this policy does is it protects the lender against any problems with the title to the property you are purchasing. This policy does not protect your equity in the home. It only protects the lender from problems with the title of the property .

Origination Fee:  
This is a fee charged by the lender when you agree to work with them, it covers the cost to process the loan itself. This fee varies depending on the company you work with. Ask what this fee is when you start the conversation 

Survey Fee: 
A survey is very important as is shows the boundary lines of the property.  Where the house sits and any other outbuildings that are on the property.  ?The fee for this depends on the location of the property , how many outbuildings, are there a lot of trees. All of this may bring the price of the survey up a bit. We have several survey people that we call on a regular basis to help get this step done in a timely manner.  

 

Are closing costs and settlement charges the same thing?

 

Yes they are the same, different people just use different terminology

Visited with one of our preferred lenders on this Olivia Eleby with First United Mortgage Group. They are the same thing, one person may say Settlement charges another may call it closing costs.  You can reach Olivia Eleby  First United Mortgage Group at 
 903-813-5748 email her at  oeleby@firstunitedbank.com

How much does escrow charge on a closing? 

We reached out to Chapin title and asked what the typical Escrow charges would be on a 150 thousand dollar purchase. This was the response from them. 

Our closing fee is $400 to Buyer and $400 to Seller;

 

Owner Title Policy is $1,152; Lender Title Policy $100;

 

Endorsements for Lender Title Policy, estimated $200;

 

State of Texas Policy Guaranty Fee $3 for Owner Title Policy and $3 for Lender Title Policy;

 

 Recording fees for Warranty Deed with Vendor’s Lien @ $28, for Deed of Trust @ $100 and e-filing $8;

 

Tax Certificates are $10 each;

 

 Attorney’s fee to prepare Warranty Deed with Vendor’s Lien @ $175.   

 

 Without a title search, that’s the best estimate I can make
Thank you Chapin Title for your help in answering the question. 
The fees stated here can change without notice and are only an estimate. 
Title work is always needed, and if items are found that need to be cured to give clear title the charges could be more to take care of this. 

To Start your Sherman Home search 

ShermanHousesandHomes

VintageHomesSherman

CountryRidgeEstatesandPebbleBrookEstates

AustinCollegeHomesforsale

You can reach us directly at 855-483-9662 

Here to help you find the perfect Sherman house to make a home. 
We are All About Sherman each and every day helping you with all of your Real Estate needs. 
For a free eBook on 9 Steps to Owning click the link 
9StepstoOwningeBook

 

Do I have to pay closing costs when buying real estate in Sherman TX?

 

 

 

 

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Laura D Filip Broker/Owner CRS,CHMS,CNHS,RCC

 903-271-4978 cell phone text messages

855-483-9662 office contact number

www.GreaterTexoma.com

 

Education is the first step to success and then action is needed to Succeed.

We are here to help with all of your Real Estate needs.

 OBSTACLES ARE THINGS A PERSON SEES WHEN HE TAKES HIS EYES OFF OF THE GOAL.  E. Joseph Cossman

 

 

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