Posted on: 13th Jun, 2009 09:15 pm
can you roll a downpayment in to the loan amount
No. You are not able to add your down payment into the loan amount. After putting down the initial 3.5%, you are able to put down your Tax Credit ($8,000) as additional down payment with select lenders. I hope this helps...
Thanks Jkennedy,
Actually i was having some confusion with above query.
Thanks for
advice
Actually i was having some confusion with above query.
Thanks for
advice
You are going to be asked to bring something to the table, just as James said.
Hi Shanon,
I agree with Eric and James. You can use the first time buyer's tax credit - at least a part of it in order to make your down payment and pay the closing costs. However, if you're taking out an FHA loan from a private lender, then you need to invest your personal savings or accept gift funds from relatives or friends in order to compensate for the remaining part of the down payment.
Regards,
Jessica
I agree with Eric and James. You can use the first time buyer's tax credit - at least a part of it in order to make your down payment and pay the closing costs. However, if you're taking out an FHA loan from a private lender, then you need to invest your personal savings or accept gift funds from relatives or friends in order to compensate for the remaining part of the down payment.
Regards,
Jessica
not everyone has a specific plan for that $8000, so keep your eyes open for that.
depending on where you are located, you may be eligible for first-time homebuyer programs that also allow for down payment (and closing costs) assistance. if so, that could allow you to "roll in" your costs and d/p - finance them with a secondary loan, in essence.
virtually every state has such a program - you can contact your state housing agency to determine if and how you might qualify.
depending on where you are located, you may be eligible for first-time homebuyer programs that also allow for down payment (and closing costs) assistance. if so, that could allow you to "roll in" your costs and d/p - finance them with a secondary loan, in essence.
virtually every state has such a program - you can contact your state housing agency to determine if and how you might qualify.
Closing costs and lender fees can be rolled into the loan but not the down payment.
just in case i wasn't clear - the "rolling in" of down payment and closing costs under these state programs will result in a second loan in addition to the first mortgage.