Questions about closing costs

[Anonymous]

I have been researching tons about buying a house, but seem to be ignorant when it comes to closing costs.  How much can we except to pay for this?  Can it be financed?  I am hoping to find a seller that will pay them, but if not, we will be in trouble since we don't have the cash on hand.

-iwannahouse

[Anonymous]

Can't be financed... seller's contribution is capped by the type of loan you have (3-6% depending on program usually, VA allows seller to pay all costs).  Also, depends on what is 'applicable' for your area - some areas it is pretty much the 'norm' again and others less so.  Another factor is does the seller have the money in the house to do this...this is always a guess unless you research their deed for firsts, seconds and helocs &know their purchase price and downpayment.

[ShanetheMortgageMan]

You should get a good faith estimate based on the sales price, if the loan officer is accurate & isn't low-balling (which places often will do to get you to think that their closing costs are lower), that will give you an amount that will be pretty close to the end figures.