Financing in 34208>Question Details

Rickey, Home Buyer in Sarasota, FL

Can a usda loan help with closing cost?

Asked by Rickey, Sarasota, FL Sun Oct 2, 2011

usda loans

0 votes Share Flag Financing in 34208

Help the community by answering this question:

Answers

4
0 votes Thank Flag Link Wed Dec 5, 2012
USDA will allow you to finance your closing costs either through up to 6% in seller concessions or if the property appraises for greater than the purchase price you can do over 100% financing. There are limits to where you can buy and how much you can make.
0 votes Thank Flag Link Sun Oct 2, 2011
Rickey, if the home you are buying appraises for more than the purchase price, USDA will allow you to get a loan amount up to the appraised value to include the purchase price + closing costs. You can use down payment assistance in conjunction with a USDA mortgage, such as the Florida Housing Finance Corporation, http://www.floridahousing.org/Home/HousingPartners/LenderPag… but USDA does not offer down payment assistance directly. If your income is low enough, you may be able to qualify for a payment subsidy program where USDA will give you a small amount of money to help pay your mortgage each month - that is only available through the "Direct" version of USDA where you apply Direct with the USDA office, rather than applying through a mortgage lender.
0 votes Thank Flag Link Sun Oct 2, 2011
Rickey the USDA loan offers you the opportunity for no or low money down, it doesnt help you with closing costs but does allow the seller to pay 3-6% of the closing costs of the buyer. You need to negotiate it in your initial offer to a seller. Ask your loan officer to guide you with how much the program allows.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


Please see my blog for tips on getting a mortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Oct 2, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer