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FOR AN FHA LOAN....

Established Contributor

FOR AN FHA LOAN....

Are closing costs added to the cost of the home? Basically what I'm asking is, is everything rolled into one & all you have to put down on the day of signing is 3%, or is it 3% plust closing costs due at signing.?
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Super Contributor

Re: FOR AN FHA LOAN....

3% is the minimum commitment from the borrower. And can be a gift rom family or charity. There are some HUD approved
 
Closing costs are extra but they can be paid for by seller. Seller can also contribute to a down payment assistance charity and fund that as well.
 
Net effect, you get in the door or the earnest money check.
 
 
 
Retired Lender
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