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 you most likely won’t get the seller to agree to this option.
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
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…
