Is it possible to roll closing costs up into the loan?

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I found a duplex I’m interested in buying. The place costs $ 79,000. I can put down 5% of that but that’s all I have to put down.

Is it possible to roll closing costs up into the loan? I keep hearing about FHA loans but are there any other loan options that allow you to put a low down payment of 3.5% to 5%?

8 Comments
  1. Reply
    EGB79
    January 21, 2011 at 10:39 pm

    B

  2. Reply
    ibu guru
    January 21, 2011 at 10:47 pm

    FHA is the only loan option now with an official “low-down” of 3.5%. You will also need closing costs in cash, plus reserves of at least 3-6 months. However, we are finding that property deals with less than 20% down are developing “last-minute hitches” at a rather alarming rate, and these deals are not getting funded by the closing date even though they were supposedly “approved.”

    If you only have $ 4000 cash, you only have about a third of what you need to do FHA (if it goes through), and only a fifth of what it really takes to get the deal done.

  3. Reply
    tro
    January 21, 2011 at 11:38 pm

    I believe because of the recent ‘creative’ mortgages, 10% down is again required and your payment cannot exceed 25% of your earnings

  4. Reply
    tommy
    January 21, 2011 at 11:40 pm

    They also want 6 months of bills in savings. good luck closing.

  5. Reply
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    January 21, 2011 at 11:55 pm

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  6. Reply
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    January 21, 2011 at 11:55 pm

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  8. Reply
    Mike on Mortgages & Real Estate
    January 22, 2011 at 1:00 am

    Hi – we do FHA loans and I have been doing mortgages for over 20 years. Here’s the real deal:

    1. FHA is in fact your only and best option right now.
    2. FHA programs allow you to include up to 6% of the purchase price in closing costs, but you have to work this out with the seller (as in you have to get them to agree to pay closing costs – in this market you probably can). 6% would be about $ 4,700.
    3. The $ 4,700 comes close to what you will need in closing costs, but it might be a little short. See if you can get access to some extra cash just as a back-up in case closing costs are a little higher than that.
    4. Make sure you work with a licensed mortgage broker or lender who works with the FHA program. Every other option is much more expensive.

    See my article below – we can help if you need to find a lender in your area who can do this type of FHA loan.

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