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Down Payment
The down payment is the amount the buyer is required to put towards the purchase price of the property so that the lender can secure the loan. The down payment usually ranges from 0% - 20% depending on the type of purchase (owner occupant or investor), credit rating, and lending package. The most common down payment is a 2.25% FHA insured loan for owner occupant purchases.
Closing Cost
The fees associated with the work that has been done in the real estate transaction leading up to settlement along with the cost of the real estate transfer taxes. Closing costs for MD, DC, and VA transactions usually range from 3-5% of the purchase price.
Traditional Closing Costs
Title Examination
Title Insurance
State Transfer and Recordation Taxes
County Transfer Taxes
Survey
Credit Report
Appraisal
Loan Origination Fee
Discount Points
Mortgage Insurance Premium (Reserves)
Home Inspection
Other Inspections of Choice Completed in the Transaction
There are ways to construct your deal so that you pay no money down and/or no closing costs. Contact your Hawkins Group specialist on down payments, closing costs, and how to structure your deal.
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