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USDA loan-No closing costs?

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Frequent Contributor

USDA loan-No closing costs?

I know the USDA guaranteed loan is no down payment but are there closing costs? If so, can you roll those into the loan or have the sellr pay them?

 

Thanks!

Message 1 of 3
2 REPLIES 2
Valued Contributor

Re: USDA loan-No closing costs?


@JMMD wrote:

I know the USDA guaranteed loan is no down payment but are there closing costs? If so, can you roll those into the loan or have the sellr pay them?

 

Thanks!


Hi JMMD,

 

Yes, there are closing costs & yes they can be paid for by the seller or you can finance them into the loan as long as the appraised value supports it.

For example: If your purchase price is $200,000 & your closing costs are $5,000, the house would have to appraise for at least $205,000 in order to roll the closing costs in.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
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Message 2 of 3
Frequent Contributor

Re: USDA loan-No closing costs?


@VALoanMaster wrote:

@JMMD wrote:

I know the USDA guaranteed loan is no down payment but are there closing costs? If so, can you roll those into the loan or have the sellr pay them?

 

Thanks!


Hi JMMD,

 

Yes, there are closing costs & yes they can be paid for by the seller or you can finance them into the loan as long as the appraised value supports it.

For example: If your purchase price is $200,000 & your closing costs are $5,000, the house would have to appraise for at least $205,000 in order to roll the closing costs in.


Thank you!

Message 3 of 3
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