There are several ways that you as a buyer can get your closing costs covered or paid for you.
1) The most common way is through seller concessions where the seller agrees to pay your closing costs.
2) Your lender can pay most if not all of your closing costs by charging you a higher interest rate.
3) The no money down USDA mortgage will allow you to roll your closing costs into the loan as long as the appraised value supports. The downside here is that you have to buy a home in a rural area and qualify under the county income limits.
Great question! There are ways to buy a home without having to pay closing costs out of pocket. Several lenders, including a couple in your area that I could recommend, have programs available that can assist with down payment/closing costs. What's available will depend on your circumstance - factors such as the type of sale, if you're a first time home buyer, etc.
The other way to defray closing costs is to ask for a seller concession. The seller can give you a certain percentage or dollar amount back at closing to pay for closing costs. This amount can't be more than your actual closing costs.
We would be happy to provide you with additional information, or give you recommendations of lenders in your area that can help. We are FULL-TIME Realtors with extensive residential, short sale, foreclosure, relocation, first-time buyer, new construction, and investor experience. Having a team allows us to give our clients the level of service that they deserve. Contact us at 630-205-5568 or by email at firstname.lastname@example.org and we'll be happy to help!
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