r/AskReddit•
[deleted]

In the final stages of closing on a house, and might not be able to afford the closing costs.

My wife and I have been in the process of buying a house for a couple of weeks now. We're relatively young (me 23, her almost 21), so saving for the 3.5% down payment has been a challenge in its own. We've anticipated an extra $3000-4000 in the bank to use for moving, buying a fridge, washer, dryer, etc.

Today I found out that our closing costs are going to be $5400+ instead of the $1800 we were anticipating. We're already pushing our limit on how much we can afford each month, and it's looking like our only option is to do seller-paid closing costs (adding it onto our loan) and raise our interest rate by 0.5%, effectively raising our monthly payments by about $40-50/mo. Our payments are already going to be about $50/mo. over what we feel comfortable budgeting. Is there anything I can do? Help me Reddit!

Edit: Just to clarify a little, by "pushing our limit on how much we can afford each month" I mean pushing into the "extra-funds" portion of our budget. We know our income and our month bills - this isn't about not being able to afford the house. It's about being slammed with $5400+ in closing cost fees compared to $1800. We just didn't anticipate that, and thus haven't been saving for that.

Posted Nov 3, 2010, 4:56 PM UTC · edited

114
Loading comments…