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VA Will require no down payment but there is a funding fee.
FHA Will require about 3% down (estimate 6% of sales price to estimate total cash needed.
Conventional 5-20% down.
Start funds are available for down payment (3% of the price of the home up to $3,000) and are paid back at 4% interest over 10 years.
Mortgage insurance is needed on FHA loans and can be financed on an FHA loan. Conventional loans with less than 20% down require Private Mortgage Insurance.
Fixed rate and adjustable rate loan as well as first-time homeowner loans are available.
Interest rates usually require a certain number of points (cash up front to get lower than "par" interest rate). Points can be paid by buyer or seller.
HUD homes are priced the same as any other home. They are sold "as is" with allowance for necessary repairs.
ADDITIONAL IMPORTANT INFORMATION:
Pick and stick with one Realtor. Because of Fargo-Moorhead Multiple Listing Service, he/she can show you every home that is on the market.
Consider a Home Protection Plan. The buyer or seller can purchase. Available through most nationally affiliated real estate companies.
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