Profile picture for marb315

Down payment, closing cost.

Can I include down payment and closing cost  into mortgage?
Are there any organization that assist in down payment in NJ?
  • September 23 2012 - US
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Answers (4)

Profile picture for Lisa Uschold

Hi There,  If you can't afford the downpayment, you may need to question why you are trying to buy a home at this point in your life.  Homeownership may require money after closing including moving costs, maintenance and utilities.

If this is a short term problem, you may be able to apply for grant from a local organization.  Ask your realtor if they can help you apply for a grant.  Grants are available, but certain income guidelines usually apply.  You may also need to take courses in homeownership or actively demonstrate that you can indeed take care of a home.

You could also ask a family member for a gift.  This money can be used towards closing.

Regardless if you use a gift or a grant, the fact that you may do this needs to be expressed to the loan officer and the real estate agent.  The proper paperwork needs to be filed with the purchase contract.  Good Luck!  Lisa

  • September 24 2012
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You cannot include your downpayment in your mortgage. With a FHA loan you can ask for up to 6% seller assist and Conventional 3% seller assist. Their are downpayment assistance programs but you need to check what is available in your area and if you qualify. 

  • September 24 2012
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Profile picture for wetdawgs
You can't include the down payment in the mortgage.  There are several down payment assistance programs in NJ.  You can pull up the names of the programs and the eligibility criteria with a quick search. 

The lender will only lend the purchase price minus down payment.   So, if you can't get the seller to help with closing costs then you will need to bring those to the table also.

Please work through the specifics of your finances etc with your loan officer in confidence.
  • September 23 2012
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Profile picture for Rita Walker
Talk to your loan officer. If you do not have one that is where you need to start. Find a good Mortgage Lender.
  • September 23 2012
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