@Anonymous wrote:You can roll closing costs into your loan with a FHA. You agree with the seller to a higher purchase price to cover your closing costs and have the seller use that to pay the closing costs. Thats what Ive read on here.
Do you qualify for 1st time home buying grants or down payment assistance to help with your dp? This is what Im getting ready to do since USDA wont pass the house we wanted through because it has a barn.
Oh, good to know. I had no clue I could do that. My boyfriend and I haven't applied for an FHA loan yet. We are going to go to Wells Fargo since I am already banking with them. We are trying to raise our credit scores a little more, plus trying to save our 3.5% and I have to pay off this State tax lien I have on my credit report before we jump to getting pre-approved. The house we have our eye on has a list price of $139,900.
Do all states have the 1st time home buying grants or down payment assistance? I am in Dalton, Georgia.
@creditisbetter2 wrote:
@xazilizax wrote:
@creditisbetter2 wrote:I am buying a new build as well and I didn't want to close until December so that I wouldn't have a payment this year. The builder agreed to that but then they decided they wanted to close earlier to get the house off their books so they agreed to pay the taxes for the month of November so that we can move earlier. Another thing about your downpayment, you said you were going to work on it after you signed the paperwork. The way the process works, you have to already have that money set aside in an account. If your paper work gets to UW and they see that the downpayment has not been saved, you may not pass. They will ask for bank statements that show the deposit is there.
Since you bought your house from a builder (congrats, btw), did the builder pay all of your closing costs?
They paid everything except for $700 bucks which is fine in comparison to what we could have paid. In addition to paying all the closing costs, they gave us $1,000 towards upgrades. Paid an extra $1,000 for the taxes. I am also getting a built in desk
WOW! That's awesome. Did you get an FHA loan and have to put 3.5% down?
@xazilizax wrote:
@creditisbetter2 wrote:
@xazilizax wrote:
@creditisbetter2 wrote:I am buying a new build as well and I didn't want to close until December so that I wouldn't have a payment this year. The builder agreed to that but then they decided they wanted to close earlier to get the house off their books so they agreed to pay the taxes for the month of November so that we can move earlier. Another thing about your downpayment, you said you were going to work on it after you signed the paperwork. The way the process works, you have to already have that money set aside in an account. If your paper work gets to UW and they see that the downpayment has not been saved, you may not pass. They will ask for bank statements that show the deposit is there.
Since you bought your house from a builder (congrats, btw), did the builder pay all of your closing costs?
They paid everything except for $700 bucks which is fine in comparison to what we could have paid. In addition to paying all the closing costs, they gave us $1,000 towards upgrades. Paid an extra $1,000 for the taxes. I am also getting a built in desk
WOW! That's awesome. Did you get an FHA loan and have to put 3.5% down?
Yeah it worked out real well. We do have an FHA and we do have to put down the 3.5. It's a really good deal but of course the downside is the PMI and the property taxes here in dallas are outrageous. We pay an extra 400 a month in prop. taxes. But overall, I think financially we have a really good deal.
