closing costs and down payment on a $55,000 mortgage?

There are as many different loan structures as there are loan brokers. It can range from a zero down loan to 25%... you need to shop and dicker.. and then dicker some more... remember that YOU are the ultimate decision maker.

You need to put down the difference between the purchase price of the house, and the amount of mortgage you qualify for.

If you buy a house for $80,000 and you qualify for a mortgage of $55,000, you would need to come up with the difference which is $25,000.

Do you really mean you want to buy a house for $55,000?

In any case, it is often better to put down 20% of the purchase price. That way you don't have to pay PMI and you will get a more favorable interest rate.

For instance, if you are buying a house for $55,000 and you put down 20%, that would be a down payment of $11k, and you would finance the remaining value of $44k.

Closing cost can be anywhere form 1-2% of the purchase price of the house, and they vary from lender to lender. You might also get the seller to pay some of your closing costs.

When you apply for a mortgage you will receive a "Good Faith Estimate" which will detail your closing costs.

Any lender or mortgage broker can explain this to you.

HUD has lots of information on their website

If you click on "buying a home" you can do your research

http://portal.hud.gov/hudportal/HUD?src=/topics/bu...

Too many variables. You need to know the interest you will be paying, are you paying down points, your aproval for FHA? is the home FHA approved? your credit score? No one can tell you exactly how much you will be paying except the lender. Get multiple quotes from multiple lenders. Each lender will give you different options as far as how many "points" you want to buy down. Very basicly - The more you put down the better your interest rate will be.

FHA allows you to get a loan for 3.5% down. If you and the home qualify then your downpayment is MINIMUM $1925 (55,000 x 0.035). Then you have closing costs. You can try to get the seller to pay all or some closing costs. These include real estate agents fees, escrow fees, owed property taxes on the home etc. Again, you can have the seller pay these fees, but you need to pick and chose your fights. If you are fighting for a lower cost AND asking them to pay fees, it will be harder to negotiate.

Talk to a real estate agent and have them recomend some local lenders to give you quotes. Good luck

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RE :Closing costs and down payment on a $55,000 mortgage?

With a mortgage of $55,000 what would I need to put down as a first time home buyer? Also can someone please detail closing costs for me? I am new to home ownership and looking for any info I can gather on the amount I need to put down for a mortgage this size.

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This question is unclear to me too

that is not totally wrong