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owner will pay closeing cost and down payment

house on 1704 herby drive
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March 27 2010 - Jeffersonville
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Answers (9)

I wouldn't hold my breath, this post is almost 2 years old.
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January 16 2012
Is the owner a relative or family friend? You may be able to do a gift of equity from the seller to help with the down payment. Closing costs can also be paid by the seller. If you are looking for help please contact me on my profile page I can be of assistance.
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January 16 2012
Always ask your lender to search down payment assistance programs provided by the state.
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January 15 2012
There may be some state sponsored down payment assistance programs available to you. Check with your state's housing authority and see if anything is offered. Seller paid down payment assistance ended in recent years.
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March 28 2010
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An interested party cannot pay your down payment.  You might find your back side in a bundle of trouble, ronnies girl.  Just sayin!
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March 27 2010
The FHA loan allows the down payment from a gift from a close relative.  Not from the seller though.  Gift funds must be documented that the donor has the ability to gift the funds.  A bank statement would be required from the gift donor.
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March 27 2010
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Sorry, meant to say that the lender will require that the downpayment come from the buyer's funds, of course!
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March 27 2010
Profile picture for Northwest Buyer
Any lender that I am aware of will require that the downpayment come from the seller's funds -- and will also require documenting that you've had that money for a couple months prior to applying for the loan.
If the seller is willing to make the downpayment, your option is probably to  adjust the sale price by the same amount. This should actually help the seller, because the agents' commissions and the excise tax will be calculated from the lower amount. For you, it may somewhat reduce the maximum available loan amount (if you need to borrow the maximum), because the lender will calculate it as a percentage of the actual sale price.
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March 27 2010
They can't pay for the down payment!
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March 27 2010
 
Related Questions
owner will pay closeing cost and down payment
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Latest answer by Clay Branch
January 16 2012 | 9 answers
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