There are five different possibilities as far as who can pay your closing costs on a purchase loan.
I’ll go through each one here…
1) You. …You are the borrower and you can pay these expenses yourself.
2) The seller. It’s a seller’s market right now, so some sellers are reluctant to pay closing costs. You will just have to talk to your realtor about a strategy.
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 your loan officer 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.
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 as well.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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