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Medina : Real Estate Advice

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  • Home Buying1
  • Home Selling0
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Activity 2
Sat Feb 18, 2017
answered:
If you have the money for closing costs and deposits, what you could do is instead is use the funds you have for the closing costs and deposits for a down payment. Then you get what's called a "sellers concession" and use that to cover closing costs.

FHA only requires 3.5% down and they allow you to get a sellers concession for 6% of the sale price.

So if you are for example buying a house for $100,000 you would be allowed up to 6% ($6000) as a sellers concession to use for closing costs. So $6000 gets credited to you to use for closing costs. You would then need 3.5% down payment ($3500).

As another option there is 100% financing available through a USDA loan. There are income restriction and area restrictions on these loans.

I'm a mortgage professional. If you have any questions or need any help you are welcome to contact me. I'm available almost 24/7 and can lend nationwide.
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Sat Nov 10, 2012
Lori Kleinschmidt answered:
The taxes on this home are approx. $15,000
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