There are many people making lots of money in a transaction. If everyone in the transaction threw in a couple hundred you would be there.
Do an email shout out to everyone involved in the transaction. Ask your agent to head up the hat passing. If your agent puts in $250 maybe the the seller, the sellers agent and the lender will do the same.
I don't know about you but I think a $10k commission to a Loan Officer is ridiculous. I certainly couldn't look a client in the eye and explain how my services were "worth" that much.
If the seller doesn't want to contribute to the shortage. Do you know of a family member that can gift you the grand? If so, you might want to ask for an extention of closing. This extra process might take acouple of days to be reviewed by an underwriter. Been there. Usually, the escrow is padded. If the seller is contribuiting 3%, it should be more than enough to close.
Best of luck,
Jes Sierra, B.Sc.
It is true that you cannot borrow from a credit card to pay costs.
Often escrow will pad their numbers too -- I would double check with them to make sure the extra $1K isn't absolutely necessary. If so, perhaps a short term loan from a relative might be an option as well. Whatever you choose to do, do it outside of escrow so that nothing funny happens with your loan in these few days!! Good luck!
The amount you are short is pretty small and wouldn't take much of a trade up in rate. The only caveat is if your loan balance is small.
For example, I was working with a buyer on an FHA loan today who got a quote from another lender - 4.25% and no credit towards closing costs. It was a bank so no harm. However, we had wholesale lenders paying a credit of almost 2% of the loan amount. If your loan was $200,000 that would be a $4,000 credit towards your closing costs.
Ask you lender what the rate would be to accommodate the $1,000 credit you need. If you have specific questions about this, just post back to the forum.
Another option if you are a first-time buyer you can look into the CalHFA program which can assist you with 3% of sales price towards downpayment or closing costs.