With a little luck (and the right circumstances) you might get a check from Washington for $600 soon! In the Raleigh market – you could take that money and BUY A HOUSE! That’s RIGHT! $600 could be all you need!
This would apply strictly to purchasing a HUD Foreclosed home, however…
FHA no longer allows you to use a Downpayment Assistance Program for your manditory Acquisition Cost. If you are looking for ways to come up with the 3.5% Downpayment, click here.
The Seller and the Loan Officer can help contribute to your closing cost. The most common way a loan officer contributes is by offering you a slightly higher interest rate. By accepting a $35 or $50 addition to your monthly payment, the loan officer can apply earnings on the loan towards your upfront closing costs.
On average – closing costs will equal approximately 3% of your loan amount. FHA Recently announced that they make changes in the near future regarding Seller Contributions, and how much the seller can pay for closing costs.
To get prequalified for a mortgage loan in Raleigh, Contact Steve and Eleanor Thorne, 919-649-5058 Connect With Us on Facebook!
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