How much money do you need to buy a Louisville house?

By

How Much Money Do You Need To Buy A House In Louisville Kentucky?

Buying a home in Louisville is a big decision, and knowing the financials of it in advance is important. In Louisville, Kentucky, the cost of purchasing a home can vary depending on location, size, and other factors such as price of the home. Understanding the home pricing in Louisville and how to finance your purchase can help you make the best decision for you and your family. With the help of Louisville Cash Real Estate, you can buy your Louisville home with the guidance of a real estate professional.

The Financials of Buying a House in Louisville, Kentucky

When buying a home in Louisville, Kentucky, there are many financial considerations to make. You’ll need to consider the down payment, closing costs, and other fees associated with purchasing a home. The average down payment in Louisville is around 20%, but this can change depending on your particular situation. You’ll also need to consider closing costs, which typically range from 2-5% of the purchase price, as well as other costs such as title and appraisal fees.

Understanding Home Pricing in Louisville

When looking to buy a home in Louisville, it’s important to understand the home pricing. In Louisville, the median home value is around $250,000 via realtor.com . However, the price of a home can vary drastically depending on the location, size, and amenities. Additionally, the cost of living in Louisville is 8.6% lower than the national average, making Louisville an attractive place to buy a home for living in or for an investment property.

How to Finance Your Louisville Home For As Little As Possible

When considering how to finance your Louisville home, it’s important to understand your options. Many buyers in Louisville opt for conventional loans, which typically require a 15% – 20% down payment and good credit. Other options include FHA loans which are 3.5% for first time home buyers, which require a lower down payment, VA loans, which are available to veterans and active military members, and USDA loans, which are available to those in rural areas.

When buying a home in Louisville, it’s important to have the guidance of a professional. At Louisville Cash Real Estate, we understand the home buying process and can help you navigate it from start to finish. With our expertise, we can help you find the perfect home for your needs while staying within your budget.

Plan Your Louisville Home Purchase with Louisville Cash Real Estate Today!

Whether you’re a first-time homebuyer or an experienced one, the process of buying a home in Louisville can be overwhelming. That’s why it’s important to have the help of an experienced professional. At Louisville Cash Real Estate, we can guide you through the process, from understanding the financials to finding the perfect home. Plan your Kentucky home purchase with Louisville Cash Real Estate today! Call us at 502-461-1450 or fill out the form below. !

Get Your No Obligation Cash Offer

  • This field is for validation purposes and should be left unchanged.

How much money do you actually need to buy a house in Louisville Kentucky?
Jacob:
Jacob here with Louisville Cash Real Estate. In this video, we are going to talk about how much money do you need to actually buy a house in Louisville, Kentucky? If you are looking to buy a property in Louisville, Kentucky, average price home is around $250,000. So that’s where your average priced house is going to be. Now, that does not mean that you’re going to need $250,000 to buy that house. There are different loan options that are available to you, such as FHA. Essentially, it’s a government-backed loan to where you can get 3.5% down on a property for first-time home buyers. That is what a FHA loan is, first-time home buyers, so they can get 3.5% down on a property.

Then, there are special programs where you can get 0% down on certain properties if you make under $80,000 a year in Louisville. That is with Stock Yards Banks, I believe. Now, if you’re watching this video at a later time, the product might not be available. But reach out to Stock Yards to see what special programs they have for houses, for buying a personal residence to live in. 250,000 is the average price. If you’re looking at 3.5% for your down payment on a property, you also have to factor in closing costs, appraisal cost, and things like this which will be anywhere from 2% to 4% on average just depending on what your cost are for what you’re doing, the size of the property… Multiple factors that you have involved whenever you are looking at your closing cost, appraisal cost, and things like that, also depending on what lender you ultimately use to purchase your house as well.

Those are a few ways to finance your house in Louisville. Another way to finance a house in Louisville is to find a owner of a property, talk to them. See if they would sell you the property on a lease option or contract for deed, so that you can put money down on the property, money every single month, until it’s paid off or until you can obtain a loan to actually purchase that property, so you secure that property in the meantime that you want to live in or that you want to purchase. This can be a good way to pick up a property and secure a property if you’re not able to get bank financing, so do not feel alone.

Some ways that you can do this… You can go around neighborhoods and look for rent signs. And those for rent signs, you’re going to want to call them, talk to the owner, talk to them about the property, and then see if they would be open to doing something like that. And then if they are, check the property out, make your offer, and then go from there. But make sure if you are doing something like this, that you have enough time allocated to be able to go and get a loan on a property or pay it off. My suggestion if you’re doing a lease option, minimum three to five years so you can build your credit up and work on that to be able to buy a property in that timeframe so that you don’t lose any down payments or anything like that.

There’s some ways that you can finance a house and then what you’re going to need, overall, to the table. $250,000 house, 3.5% down, $8,750 for the down payment, and then 2% to 4% again. Probably just take that and times that by two is what I would do in order to get the total. 8,750 times two, 16… It’s 17,500, I think. That’s off the top of my head, might be wrong, but you’re going to need around 17,500. You can also get grants. And what you can also do when you’re buying a property is get seller concessions or seller credits. So say for example a property’s listed for 180, you offer 190 with a $10,000 credit. Then, that $10,000 credit goes towards what you need to bring to the table for closing cost and your down payment. Then, you bring less to the table. Although it might be around 17,500, there’s ways to bring less to the table if needed.

That’s just a quick breakdown of how to go buy a property, what you’re going to be expecting, and then how to finance it, either with a bank or direct to owner. And some banks that I would recommend… Local banks and credit unions, so Stock Yards, Kentucky Commonwealth, and then Northpointe Bank. Those would be my recommendations for loans for properties in Louisville if you’re looking to buy one.

Now, if you have a house that you would like to sell, we buy houses in Louisville and Indiana. Reach out to us at 502-461-1450 or visit our website at louisvillecashrealestate.com and fill out our form. One of our agents will get back to you promptly. If you know anybody looking to sell a property, we have an amazing referral program where you can make up to $1,750 if you send us somebody’s name and number that is selling a property and we close on that property. Hopefully this video gave you some value, and we’ll see you on the next one.
Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your No Obligation Cash Offer

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *