Can a usda loan help with closing cost?

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

usda loans

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Tyeshalia, Home Buyer, San Jose, CA
Mon Jun 13, 2016
In addition to the standard closing costs, there is also a funding fee that needs to be paid upfront. All these costs can be rolled into the loan amount upto a certain amount, provided the appraised value of the property justifies it.
Web Reference: http://USDALenders.org
1 vote
, ,
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.
1 vote
Usda Mortgage…, , Jacksonville, FL
Wed Dec 5, 2012
0 votes
Lisa Reeves, Agent, Tampa, FL
Sun Oct 2, 2011
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
Scott Godzyk, Agent, Manchester, NH
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
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