Can you include closing costs in an FHA loan?

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I bought my first house here in Orlando, FL and was told that you can close your costs in your FHA loan fund. Does anyone out there who has been in this situation? All mortgage brokers in Florida there?
That loans from the State of Florida should be 4 hours of training on FS494 and 10 hours of training for primary and secondary mortgage financing transactions completed (14 hours total).

4 Comments
  1. Reply
    Sw33tz
    January 30, 2011 at 10:44 am

    yes, you can. =)

  2. Reply
    David Beasley
    January 30, 2011 at 11:28 am

    Yes, but it is more common for the contract to read that the SELLER pays your closing costs/down payment assistance. “Seller to pay up to 6% of the purchase price for down payment assistance and closing costs/prepaids”.

    I closed a handful of FHA purchases last month. The buyers put about $ 1000-$ 2000 into the homes ($ 350 appraisal, $ 25 credit, $ 250 home inspection, $ 500 earnest $ ) and walked away with keys to a home with $ 15000 – $ 25000 in Equity!

    Get qualified with a mortgage professional (paystubs/W-2s/bankstatements) and get yourself an LSR backed up by an automated approval (AU).

    Best of luck!

  3. Reply
    markmyword
    January 30, 2011 at 11:38 am

    Some of the costs associated with closing can be financed. Other closing costs can be paid by the seller. I have a long list of which ones can and cannot but the bottom line is that it is possible to get into a home at this time with little or no money down using FHA and a combination of seller concessions and down payment assistance.

    I lend in Florida and can help you with this. Email me and we can go over your scenario.

  4. Reply
    plasma71104
    January 30, 2011 at 11:54 am

    Try Gold Coast Real Estate School. Here, http://www.goldcoastschools.com/
    Also FREC may help (Florida Real Estate Commission) They’re teh ones who make the educational reqiruments. I was thinking about getting my mortgage broker lic after my sales lic.

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