Can I roll in the downpayment and closing costs into an FHA loan ? (lender, purchase) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

heydade · 09-05-2008, 03:22 PM

That's pretty much the question.

HappyTexan · 09-05-2008, 04:00 PM

Are you indicating that you have absolutely no money to invest in a home purchase ?

Elyse Margardino · 09-05-2008, 04:13 PM

Sounds like it !!

Elyse Margardino · 09-05-2008, 04:15 PM

From what I remember you cannot. You need to invest some of your own money into the home. MAYBE closing costs can be rolled in but probably not both

renriq02 · 09-05-2008, 05:07 PM

Closings costs up to 6%

Down payment assistance will stop September 30th
Good luck trying to find a lender that hasn't cut it off already

heydade · 09-05-2008, 05:11 PM

thanks. Thats what I thought.

asitshouldbe · 09-05-2008, 06:00 PM

Yes you can. We just signed a purchase agreement today, closing on Sept.28. Zero down, the seller is paying all closing costs. The house listed for $294,500, we offered $300,000. They said yes, they will get about $270,000 at closing.

davidhomes · 09-05-2008, 06:18 PM

Very few lenders are still accepting the DPAs, but I have a few that are still taking them up until the last minute. I think you have to come out of your pocket 500 for FHA if Im not mistaken, but that is it. You can also get down payment assistance from a relative if needed.

renriq02 · 09-05-2008, 06:39 PM

DPA comes from the seller not from relatives.
DPAs never required 500...

Funds from relatives have to be gifted to the buyer.

Quote:

Originally Posted by davidhomes

Very few lenders are still accepting the DPAs, but I have a few that are still taking them up until the last minute. I think you have to come out of your pocket 500 for FHA if Im not mistaken, but that is it. You can also get down payment assistance from a relative if needed.