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Medina : Real Estate Advice

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  • Home Buying1
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Activity 2
Sat Feb 18, 2017
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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