How Extensively do I Need money to
                     "HOW 
EXTENSIVELY DO 
I NEED MONEY www.ospreymortgagelending.com
TO BUY MY 
FIRST HOME?"
INFORMATION SOURCE
www.ospreymortgagelending.com
Buying a home is one of the most significant findings you 
can make. Plus, assuming current low mortgage rates, 
homeownership has never been more attractive and 
inexpensive. 
DOWN PAYMENT
Traditionally, a 20% downpayment was required to purchase a home. While 
putting down 20% has its perks, it can be challenging to come up with this 
amount.
Government-backed loans like FHA or VA loans allow you to put down as 
little as 3.5% or even 0%!
CLOSING COSTS
Closing costs” is a catch-all term that includes origination fees, credit 
report fees, appraisal fees, application fees, title insurance, and title search 
fees to name a few.
Closing costs will vary depending on the lender and the price of the home.
However,  estimating 2 to 5% of your home’s purchase price will give you a 
close approximation of what your closing costs will be.
HOME INSPECTION
The lender may not necessarily require a home inspection, but it’s often 
recommended as part of due diligence.
Although the cost of $300 to $500 for a home inspection can seem too 
high, the investment could potentially save you thousands down the road 
by making you aware of any hidden structural defects. 
PROPERTY TAXES
The cost of property taxes depends on the value of the property as well as 
the county and city where the home is located. 
Typically, tax assessors will value the property every one to five years and 
charge the appropriate rate following the standards set by the local taxing 
authority. 
CONCLUSION
It can seem overwhelming to buy your first home but know that we’re here 
to make it as simple as possible. We’ll guide you through the qualification 
process and help you understand every fee associated with your home 
purchase so that you can make the best decision for yourself and your 
family.