These costs are in addition to your down payment.
I want you to know there are other ways to pay closing costs and prepaids.
In fact, there are five different ways these costs can be paid. I’ll go through each one here…
1) You. …You are the borrower and you can pay these expenses yourself. Although I wouldn’t recommend it.
2) The seller. In my opinion this is your best bet. You simply ask the seller to pay these costs at the time you make your offer. If you are using a normal Texas Real Estate contract – you would write in the seller help amount under section 12. The reason it’s your best bet is that it’s the best combination of lowest rate, and least money out of your pocket at closing.
3) Gift. You can get a gift from a family member to pay your closing costs. The guidelines are different with each program for gift giving – so check with me before you attempt to go this route to make sure it’s appropriate for your loan program.
4) Grant. If you have access to a state or government grant program you can use this to pay these costs. There are some programs in Texas that you can use, and I have access to. Check with me to see if you qualify for these programs.
5) Loan officer and/or realtor. You can get help with paying your closing costs and prepaid expenses from the loan officer, and the realtor can help to.
Good luck house hunting, and give me a call or shoot me an email if you have more questions!
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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