Question Details

Eddie, Home Buyer in Chesapeake, VA

I am a first time buyer and want to know if the down payment and closing cost can be combined into the morgage

Asked by Eddie, Chesapeake, VA Thu Jan 8, 2009

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Your best bet is to talk to a reputable mortgage lender. I have heard of closing costs being incorporated into the mortgage( this was in maryland,where i used to live) but unless you are getting a 100% loan,you will have to come up with a down payment. Even if you could do this, your payments would be incredibly high,probably beyond your means. if you do not have a down payment and closing costs,you are probably not in a position to purchase a house at this time. Save your money & wait.
1 vote Thank Flag Link Thu Jan 8, 2009
If you don't have the down payment & closing costs,can you afford the maintenance,insurance & taxes on top of a hefty monthly note? Suppose your heating system or roof needs replacing? Can you handle it?
0 votes Thank Flag Link Thu Jan 8, 2009
Yes there are programs out there that can include your closing cost. I would be cautious with USDA program because there was an announcement that the USDA program are running out of there funding and if you don't have a USDA a loan locked in already. You can get approved USDA pending government funding. There are other FHA programs that do allow seller contributions. It is best to talk to your mortgage broker before to get pre-qualified before you start looking.
0 votes Thank Flag Link Thu Jan 8, 2009
No to downpayment lender NOW wants approx. 3% or more as buyer contribution to purchase a home. Regarding closing cost needs lender approval however can be included in your loan from seller contribution towards your closing costs. Your buyers agent can assist on how to submit an offer with these terms.

Web Reference:
0 votes Thank Flag Link Thu Jan 8, 2009
Good morning

If you are purchasing in an eligible area , you may be able to get a rural housing loan, which alllows for 102% financing with seller assistance permitted for closing costs.

Please feel free to contact me if you would like help in qualifying for a loan. I am a direct lender, specializing in FHA and USDA financing.

Best of Luck

Jackie Pulcano, SVP
United Mortgage Corp
0 votes Thank Flag Link Thu Jan 8, 2009
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