The Real Costs of Buying a Home

When you’re ready to buy a house, it’s essential to consider the upfront costs and ongoing expenses outside of taxes, utilities, and home maintenance.
It’s critical to be prepared and save for these expenses since you will be responsible for paying them during the home-buying process. Here are some of the actual costs of buying a home:
Earnest money
Down payment
- Conventional loans can allow down payments as low as 3% of the purchase price.
- FHA loans, which the Federal Housing Administration backs, can have down payments as low as 3.5% of the purchase price.
- VA loans, which the U.S. Department of Veterans Affairs guarantees, allow service members and veterans to get home loans with 0% down.
- USDA loans from the U.S. Department of Agriculture let buyers in rural areas pay as little as 0% down.
Closing costs
Private Mortgage Insurance (PMI)
Escrow Account
Homeowners Association Fees (HOA)
SWG 2306340-0822b The sources used to prepare this material are believed to be true, accurate, and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or consequences arising from your access to or your use of third-party technologies, websites, information, and programs made available through this website