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Can I finance my closing costs on 100% Loan

by dlklschultz977 from Indianapolis, Indiana. Jul 2nd 2015 Reply


Is this in regard to a purchase transaction? If so, the only way this can be done is by increasing the purchase price and the seller then paying your closing costs. If you have additional questions, I can be reached direct at 260-602-9136.

Jul 2nd 2015
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Jim DeCamp (JimDecamp)
#62 ranked lender in Indiana - 5 contributions

SELLER COULD PAY BUT I BELIEVE THE USDA LOAN DOES ALLOW FOR THAT IF THE APPRAISAL WOULD SUPPORT A HIGHER VALUE.

Jul 2nd 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

On a purchase, you cannot include closing cost into the amount being financed. The seller can choose to pay all or part of your costs up to 6% of the purchase price.

Jul 2nd 2015
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Larry Penilla (Larry Penilla)
#5 ranked lender in Indiana - 24 contributions

No, However, there are several ways to accomplish the same results. 1) Negotiate seller credit toward your prepaids and closing costs in the purchase agreement. 2)Lender can pay your costs in exchange for charging you a higher interest rate 3) Down Payment Assistance -- if you qualify for it. Feel free to call to discuss your unique situation and options available -- with a 29 year experienced mortgage banker. 219-794-0600 x241

Jul 2nd 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info would be needed.. are you purchasing a home or refinancing one? if your purchasing, then the only programs that allow for 100% financing are VA and USDA.. both will allow for the funding fee to be financed along with the purchase price of the loan, but your closing costs will have to be paid for.. you cannot finance them.. if your refinancing, then HARP is the only program that will allow you to roll in your closing costs... otherwise, you will have to pay them. There are several ways to get your closing costs paid though.. if your purchasing, you can ask the seller to contribute to your costs via seller concessions, or you can ask your realtor to contribute. You can even select a slightly higher interest rate with your lender and the lender will take that added income and pay your costs for you.. or any combination of these might work.. There's even the possibility that there's a down payment assistance program available in your area. the reality is you need to talk to a professional, so your best bet is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 2nd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

also depends on the type of mortgage you use

Jul 2nd 2015
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