cancel
Showing results for 
Search instead for 
Did you mean: 

closing cost and down payment

tag
tonyljeff
Established Member

closing cost and down payment

I'm getting a FHA loan could I use some of the seller consession money for my down payment which is 3.5%?

Starting Score: 601 July 2013
Current Score: 625 sept 2013
Goal Score: 700

Take the myFICO Fitness Challenge
Message 1 of 3
2 REPLIES 2
CAnNY
Frequent Contributor

Re: closing cost and down payment

I'll let someone else chime, but down payment can only come from you or be a gift.

Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


Take the myFICO Fitness Challenge
Message 2 of 3
dobirdsmommy
Established Contributor

Re: closing cost and down payment

No sellers consession is directly to be used for closing cost, nothing else.  your downpayment has to be your funds or funds from a gift.

building since 2011 Wallet:ME: Walmart 3k;Barclays Rewards 10k, Venture 18k; Slate 5k; Freedom 10k; overstock 4.8k, SGV2.5k; WEMC 20k 1.5 Rewards, Gamestop 1.2k, Fingerhut 3k; 2 NMAC Leases , VS 1.75k, BH 1.62k, Express 1.6k, Avenue 1.75k, JCrew 5k, HSN 1.47k, Torrid 1.55k, Roamans 1.4k, Jessica London 1.54k, kings direct 1.7k, Buckle 1.4k, WW 1.65k, ........ baddies:Fed Tax Lien
DH: 1750 capital one fh 2000, AU - VS, BH, HSN, WEMC, SPGV. Freedom, Slate, Venture, Barclays
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.