Financing in Long Island>Question Details

Giselle_rome…, Home Buyer in Medford, NY

Fha- How much money do i really need

Asked by Giselle_romero87, Medford, NY Sun Mar 3, 2013

I have the 3.5 in savings but closing money is in 401k... Im really hoping to have sellers concession cover losing therefore i have no intentions of withdrawing from 401k.so my question is

1. Can i go through closing without withdrawing from my 401k if seller agrees to cover closing.

2. Is the 3.5 really all would i need to be approved?

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Answers

2
Gregorio Denny’s answer
Yes you can purchase with just the 3.5%. Even if you cannot negotiate the seller credit, your lender should be able to give you a large credit to offset closing costs in exchange for a slightly higher rate. Since FHA pays large premiums (credits to the borrower) this should easily be accomplished.
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0 votes Thank Flag Link Sun Mar 3, 2013
You can if the bank approves the amount of the closing cost concession. Talk to your lender to see how much they will allow. I believe it is 3% of the loan amount
0 votes Thank Flag Link Sun Mar 3, 2013
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