Posted on: 06th Oct, 2009 05:48 am
Can closing costs be financed into an FHA loan, or do they absolutely have to be paid at the time of closing? Or does this vary by lender?
You need to make a minimum down payment of 3.500% for the FHA mortgage. Closing costs can not be financed into the FHA mortgage.
Closing costs can be paid in several ways in full or a combination of the following:
1. You pay them
2. At the time of the purchase contract, ask the seller to pay up to 6% of the purchase price toward closing costs
3. The lender may be able to increase the mortgage interest rate and pay some of the costs.
Closing costs can be paid in several ways in full or a combination of the following:
1. You pay them
2. At the time of the purchase contract, ask the seller to pay up to 6% of the purchase price toward closing costs
3. The lender may be able to increase the mortgage interest rate and pay some of the costs.
Try this and there is different discussion
http://www.mortgagefit.com/fhaloan/closing-costs.html
http://www.mortgagefit.com/fhaloan/closing-costs.html
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minimum requirement is 3.5% of FHA mortgage...