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 down-payment Assistance Program for your mandatory 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.