It is the dollar amount that you are expected to give to the title company at the end of the homebuying process. If you have more detailed questions, please feel free to call or e-mail me anytime, or post another question here. I am happy to help!
It usually consists of the closing cost and the down payment together. So like Steve said it is the total cash you have to have in hand come the big day.
Thank you for your response about cash at closing, Steve. I do have a couple of questions: What then is 'cash back'? Also, if parents are not American but have a child who is an American citizen (22 yrs old), what is the best option for buying a house - can the parents purchase the house in the child's name even thought they will pay for it?
Yes, the parents can help a son purchase a home in their son's name. However, if they are not US citizens, they must have a "Permanent Resident Alien" card. If they do not have that card, they can purchase a home with their son with 30% down.
They may pay cash and they could all take ownership together, or only the son and/or daughter can purchase the home by themselves. If there is no mortgage, meaning someone is paying cash, then anyone can buy the home. I believe the minimum age for anyone to buy a home is 18. The minimum age may differ from state to state.
Yes, but there will be some verification. For instance, they may want the money transferred into dollars if the purchase money is in an account outside of the US.
Bottom line, yes, they can purchase a home without being a citizen or permanent resident alien.
