Have you found a house yet? Are you in contract yet? Your Realtor should be able to structure the purchase contract so that you can receive a Seller's Assistance Credit toward your closing costs.
Once you negotiate the sales price with Seller, you may be able to add up to 6% on top of the agreed price, then the Seller refunds that amount at settlement to help you pay closing costs. You are basically borrowing your closing costs and paying it back in your mortgage payments.
Check with your mortgage broker to see what level of Seller Assistance is permitted for your loan program.
If you are not yet working with a Realtor, please feel free to call me to discuss how I can help you. I would be happy to represent you as your Buyer's Agent at no cost to you.
All the best,
REALTOR, Property Manager
Cell: (267) 254-7994
do not increase your credit. It will be looked at again before you closing. In this housing climate most sellers are willing to give seller assist. An FHA loan will allow you to recieve up to 6% seller assist from the seller. A conventional loan will allow 3%.
1. You can get financing from PHFA.org and they will lend you $3,000 at a very low rate
2. You can get a seller assist to help with your closing costs
3. You can do both of those things on one deal.
If you need any other help, just let me know. Good luck with everything.
Carol Cei, Realtor, ePRO
ReMax Platinum Club
Five Star Professional
If You need help in the Home Search + selecting your perfect home.... We can Help.
We have been in the business over 16 years.
All the Best John + Sheri Curci RE/MAX Properties http://www.HomeCatch.com 215-757-2889
Sounds like you have already had lots of answers but I would suggest negotiate the seller to contribute towards the closing costs. Or roll the closing costs into the mortgage. In other words increase the sales price to cover the closing costs.
Unfortunately, you can't take a cash advance on your credit card to pay for closing costs. The way the banks see it you are taking borrowed money to obtain more borrowed money. However, you can ask for a seller's concession to help pay for the closing costs. You may also look into other financing options with lower down payment requirements. There are first time home buyer programs which will give you money for down payment and closing costs. USDA could also be an option. This program offer's 100% financing. Please contact me at your convenience. We can discuss what options you may have.
Senior Mortgage Consultant
Lincoln Mortgage Company
office: (856) 810-1200 ext. 223
cell: (609) 207-9098
First seek another more sensible solution. The city of Philadelphia and a slew of non profits have home buyer programs that can get you cash for closing if you attend a few classes. A much smarter option.
Did your buyers agent get you a sellers assist when you wrote the contract? I hope you have a buyers agent.
Exhaust all other options before you get your back to the wall on a credit card cash advance. They are very expensive and it is not a savvy financial move. The end does not always justify the means. Seek more help from resources in the community. Go to CLARIFI - its a financial website based in philly, check out the city programs at Housing and Community Development. Seek other options. Protect yourself and create savings. A house is a great investment but not if you are out on a weak limb. Email me if you need help.
Ana Barlow, Coldwell Banker Preferred Philadelphia