Do You Know What It Costs To Buy a Home in Texas?
It’s one thing to want to own your own home…it’s another to be able to afford one. Here is a run-down of estimated costs to buy a home in Texas you must consider…
Please note these are estimates only and will change based on the area where your home is located, price of home, lender requirements, negotiated terms on sales contract, etc.
Application fee for loan
Credit Report Fee for Lender
1% of house price
Home Inspection Fees (house and termite)
Down Payment for Loan
2 to 19% of house price
Title Insurance (usually paid by the Seller)
PMI or MIP Reserve**
Loan Origination Fee (negotiable)
Doc Prep Attorney Fee
Tax Service Fee
Homeowner Insurance and Reserve
Repairs or Updates to Home If Needed
*These estimated figures are based on a $200,000 house with a 5% interest conventional 30-yr loan, with 5 percent down, $1500 insurance, and $5000 property taxes…close to $20,000 cash required!
** If your down payment is less than 20 percent of sales price.