Man I am so glad you asked I just ran into this same question the other day.
Let's start with your down payment on your loan. There are a lot of loan programs out there so this number can vary from $0 to 20%. Here is where you need to get with a mortgage expert to look at your specific needs. Here are just a couple of examples, if you can use a government backed program like VA or USDA they usually are a $0 down program. If you use an FHA product it can be as low as 3.5% of the purchase price of the home. If you go conventional you can usually go with as little as 10-20% of the purchase price down. Keep in mind here there are a lot of loan programs out there so you need to get with an expert to get the ball rolling as soon as possible.
Your Ernest Money Deposit (EMD) is the next out of pocket we will need to cover. This is what I would consider the "old west handshake". This money is given to hold the contract once an offer is made. This amount will vary but is usually $500 to 1% of the purchase price.
Inspections that are requested that are out of pocket may include your home inspection, 4 point(homes older than 20 years), wind mediation & septic inspection. The home inspection, 4 point, wind mediation can usually be done by the same inspector and rolled together in price. They can range from $100 to $500 but in this arena you usually get what you pay for. The septic tank inspection is based on tank size because they have to pump the tank to inspect. These inspections run from $300 to $500 due at time on the inspection.
Here is where I need to insert a disclaimer. I can't say this list is exhaustive, every home purchase is unique and may need other inspections and cost's that I have not listed here.
Grace & Peace
Skip Geiser
(850) 221-6442
http://www.skipgeiser.com/
The Geiser Team with Main Street Property
