Zillow Advice: FHA and VA Loans - FHA Loan-Cash at closing http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ Zillow Advice | Zillow Real Estate They are not charging the ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ They are not charging the loan origination fee, and he also increased the rate to 4.75% but that only gave $700 back for closing costs. Wed, 23 Oct 2013 18:18:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-23T18:18:00Z I think it is a great idea ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ I think it is a great idea to include repairs that will be needed in the next 5-7 years particularly when you do not have the ability to accumulate savings.<br/><br/>Are they using over par pricing to pay some of your closing costs?&nbsp; Wed, 23 Oct 2013 17:58:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-23T17:58:00Z Okay, so this is where we ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ Okay, so this is where we are right now.<br/>We are doing a 203k with 10k in repairs. The house doesn't necessarily NEED 10k in repairs, but he told me I should go ahead and include things I want done now. Appliances, flooring, paint. Is this a good idea?<br/><br/>We are currently at needing $8377 at closing.<br/><br/>I have now saved $7200. &nbsp; Wed, 23 Oct 2013 16:18:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-23T16:18:00Z You can also finance in the ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ You can also finance in the repair escrow on a HUD PD upto 110% of the "as is" value.&nbsp; You shoudl be able to do this loan with the assets you have. Wed, 23 Oct 2013 00:03:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-23T00:03:00Z Your loan officer is actually ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ Your loan officer is actually correct, <strong><em><u>[content removed by Zillow moderator, see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>]</u></em></strong>. &nbsp;The cost of the UFMIP may be financed in the FHA loan only if the total loan amount (including UFMIP) does not exceed 100% of the properties "as is" appraised value. Since your appraised value is $86,000 and your selling price is $90,500, you cannot finance it with this program. You can still solve your problem with premium pricing and it's even easier today than it was when I first answered.&nbsp; Tue, 22 Oct 2013 22:56:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-22T22:56:00Z UFMIP is based on the loan ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ UFMIP is based on the loan amount and typically financed into the transaction, not brought in cash to the table although that is an option. Tue, 22 Oct 2013 22:40:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-22T22:40:00Z Your loan officer doesn;t ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ <p>Your loan officer doesn;t know what he is talking about or is doing a poor job of explaining the issue.</p> Tue, 22 Oct 2013 22:39:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-22T22:39:00Z So I spoke with my lender ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ So I spoke with my lender today.<br/><br/>We had it to where my UFMIP would be rolled into my loan. Now he is saying that because we bid over on the home, government regulations state that the UFMIP must be paid at closing and cannot be rolled into the loan. Is this correct? Tue, 22 Oct 2013 20:34:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-22T20:34:00Z I think this borrower has ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ I think this borrower has a fairly simple problem. They only have $6500 right now and $4600 needs to go to DP and to cover the amount over appraisal. All they need to do is take a higher rate and use premium to pay the other costs. I don't know how Georgia works, but it would be easy here in CA to add the carpeting after closing but prior to funding. Maybe <a href="http://www.zillow.com/profile/Georgia-Loans/">Clay Branch</a> can weigh in on the topic and come up with a simple solution. Getting the out of pocket to less than the $6500 they have available is the easiest part. Tue, 22 Oct 2013 03:06:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-22T03:06:00Z Who said it was the floor ... http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ Who said it was the floor that needed repair? Tue, 22 Oct 2013 02:47:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-Cash-at-closing/516014/ 2013-10-22T02:47:00Z