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closing costs assistance

What are my options for closing costs assistance.

I have enough for 3.5 down for FHA loan but I may need assistance with closing costs,

My income is over the threshhold for all of the FHA assistance programs,
we are a family of 3 $105000.00 anual income.

Is there any other way to possibly finance the closing costs into the loan? 

In this sellers market Im afraid asking the seller to contribute would kill the deal. 

Does anyone have any advise in regards to getting help with closing costs or financing the closing costs with FHA Thanks


  • February 20 2013 - Redlands
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Answers (5)

There are some lenders that will work with you in including closing costs in the 3.5% down. I do know of a lender that uses .5% as the closing costs. It is about getting the right team to cover your sale. Hope this helps. Good luck in your search.
  • July 19 2013
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I agree with the answers below. Either a seller credit with an increase to the price or a yield spread premium (credit) from your rate should do the trick!
  • February 20 2013
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If you are in contract at a given price in a seller's market, why not increase your offer price by 2% (assuming that is approximately your closing costs) with the provision that the seller pay 2% toward your closing costs.That way, it nets the same amount to the seller. A caveat is that the lender may then require the home to appraise at the 2% higher price.
  • February 20 2013
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Profile picture for Cindy Quinton
If the home you are making an offer on will appraise, you can always just add the closing costs into your offer. For example if the house is listed at 300,000, you can offer 309,000 with 9K in closing,  That is just an example, I have no idea what your closing costs might run. 

It may be your only option. Otherwise, if you don't have the closing costs, you don't have the closing costs and can't buy. 
  • February 20 2013
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It is easy to use the premium on an FHA loan from a higher rate to pay closing costs and prepaids. There are several excellent loan officers in CA posting on Zillow that can show you how to do that.
  • February 20 2013
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