- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (8)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
apparently Rob B. is unable to locate the 4155. That alone would take him off anyone's choice of a loan officer for assistance on an FHA insured mortgage.
6% as long as the 6% doesn't exceed actual closing costs (i.e. all closing costs).
any excess concession can be used to increase the down payment beyond the required 3.5%.
(and yes, I know the original post is over 2 years old)
6% as long as the 6% doesn't exceed actual closing costs (i.e. all closing costs).
any excess concession can be used to increase the down payment beyond the required 3.5%.
(and yes, I know the original post is over 2 years old)
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Nope, maximum concessions are still 6% on a FHA loan.
- Rob Buffington, "robbuffington"
- Contributions:6
You can ask for up to 3% seller concessions and this should cover the fees you're concerned with when moving forward with purchasing a home. Otherwise I would call a local lender and get a (GFE) good faith estimate. this would give you the best breakdown.
- Clay Branch, "Georgia Loans"
- Contributions:7839
Rob, the minimum is not 3% and the post is 2.5 years old
- Rob Buffington, "robbuffington"
- Contributions:6
The minimum is 3%, but if you buy in a rural area you can still get a 0% down loan. If that is something of interest. Hope this helps
- Liberty Mortgage
- Contributions:470
Fees can be quite different based on a multitude of factors such as credit, the lender you choose, taxes on the property, home owner's insurance, etc- The key thing to know, is that on an FHA loan you need at least 3.5% down based on purchase price and the rest of your closing costs can be rolled into the mortgage if the seller gives you a "seller concession."- Max amount is 6% of sales price but is quite common in today's buyer's market.
If in fact the seller will give you the 6%, then you as the purchaser should get the best rate available and only have to come to the table with the down payment alone.
If in fact the seller will give you the 6%, then you as the purchaser should get the best rate available and only have to come to the table with the down payment alone.
Minimum cash investment by purchaser of 3.5 percent. All funds may be gifted if originating from an approved source including relative, fiancee, domestic partner, employer, labor union. Seller may contribute up to 6 percent of sales price toward closing costs, prepaids, inspections, lender required repairs and discount points.
- Jane Whitten, "JB Whitten"
- Contributions:5
IFyou want to know what your fees could be, you would need to contact a lender and ask them to generate a GFE (good faith estimate) for you. Closing costs can include a variety of things related to escrow, title, appraisal, including loan submission, underwriting, approval and funding. Seems like everybody involved wants a piece of the pie.
As to having the fees rolled into the loan, that can only be done when you are refinancing HOWEVER, it IS possible for you to ask for the seller to contribute to you closing costs and that limit is 6% of the sales price. Many times a seller would do this in order to get an offer from a good buyer. Hope this information helps.
As to having the fees rolled into the loan, that can only be done when you are refinancing HOWEVER, it IS possible for you to ask for the seller to contribute to you closing costs and that limit is 6% of the sales price. Many times a seller would do this in order to get an offer from a good buyer. Hope this information helps.
What is the minimum amount I would need to get an FHA loan?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.