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Do you need to have "money" for closing costs or can that be added to the amount you need to borrow

  • June 22 2013 - Johnson City
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Answers (6)

Best Answer

You can apply for grant money to assist with your down payment and/or closing costs. Here is a website that has some good info and links. Best of luck!! 
  • June 22 2013
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On a purchase you can actually request that the seller pay for some or all of your closing costs.
  • June 25 2013
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That depends on what loan program you are applying for and where you are located. Are you purchasing or refinancing? You can take a higher interest rate to get a credit to pay some of your closing costs.
  • June 22 2013
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Profile picture for sunnyview
If you have no money for a down or closing costs, it is very unlikely that you will be able to buy. There are 0 down loans with USDA and VA, but you still have to pay closing. Otherwise and FHA loan requires 3.5% down payment.
  • June 22 2013
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Profile picture for wetdawgs
While you can ask the seller, don't count on the seller agreeing to cover your expenses as it does have an impact on their bottom line. 
  • June 22 2013
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You cannot add to the amount you are borrowing but you can ask for seller assist. Conventional 3%, FHA 6%.
  • June 22 2013
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