Approved for house loan,putting 10 grand down,can that cover closing costs & more?

Question

Hi, My husband and I are about to buy a home. Our broker called tonight and said that the loan is almost guranteed for 100,000. We are putting 10 thousand down, that we thought would help with closing costs and extras. But the broker said that just takes our loan down to 90 grand. We wanted 105 for the house.

We need the extra money to cover closing costs and the house needs a new septic. So our realtor told us to give the asking price of 105,000 with the contingincy of the septic be put in and help with or pay for closing costs. But the price on the house dropped quite a bit so I am not sure they will pay for some of the 5,000 closing costs.

I thought we would have some extra money to work with to pay for those things...especially if we have to replace the septic.

Then I seen paperwork tonight that our payments would be around 850.00 a month....thats a fixed loan and seems like alot over 30 years at 7%. And we have a down payment.

My ? is...how can I have extra money at the end?

Answer 1

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Answer 2

 

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Answer 3

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