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I'm curious can I use part of my FHA loan towards the down payment or closing cost? Say I'm looking

  • September 12 2013 - East Patchogue
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Answers (6)

Profile picture for wetdawgs
Seller concessions are, of course, up to the seller.  Many sellers will not contribute to closing costs.
  • September 13 2013
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6% Seller concessions for closing costs for an FHA loan but you can't use part of the loan to cover closing costs or down payment on a purchase.
 
-Brynn
  • September 13 2013
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You cannot use it for the down payment.  You need to put at least 3.5% down.  You can use a seller concession to cover most of your closing costs.

Tom Moser
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  • September 12 2013
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You may be able to use a grant for your FHA downpayment.  Depends on your income and your state.
  • September 12 2013
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Down payment cannot be included. Seller concessions are allowed up to 6% for closing cost. 

  • September 12 2013
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Profile picture for wetdawgs
The down payment cannot be included in the loan.
  • September 12 2013
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