I’m doing some research to see how much the down payment would be if I financed a home in Fairbanks, AK. I asked you a few weeks back on a different account if it would be possible to get approved for a 3% down payment loan. This would be my first house. I believe you guys said that would be possible. Correct me if I’m wrong.
So, hypothetically, let’s say I apply to finance this house: https://www.fairbanksakhomes.com/search/details/4yp/19/
It costs $72,000. From what I researched (again, correct me if this is inaccurate) closing costs in Alaska are around 2% of the total cost. So that, plus the down payment in 5%. Just to be safe let’s round that up to 6%.
So 6% of $72,000 is $4,320.
My question is, for that property provided, would $4,320 for down payment and closing costs be realistic? Or am I far off? If not, what would be realistic?
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