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Is it possible to roll the closing costs into a FHA mortgage loan?

by lauren620 from Savannah, Tennessee. Nov 24th 2015 Reply


Nancy J Releford (nancyreleford)
#1 ranked lender in Tennessee - 214 contributions

It depends Lauren, are you talking about doing an FHA refinance.

Nov 24th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed.. Purchase or refi? If it's a purchase and your only coming in with your required 3.5% down, then no.. you cannot finance closing costs.. if it's a streamline refi, then NO.. you cannot roll in the closing costs.. If it's a full up qualifying FHA refi with an appraisal, and you have sufficient equity, then yes.. it's possible to finance the closing costs.. Also, by choosing a slightly higher interest rate, it's possible your lender can give you a credit to pay the costs.. But as I said, more info needed to address your specific scenario.. 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 NMLS# 226347

Nov 24th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

The short answer is probably not. If its a purchase you could ask the seller to contribute toward your closing cost. Refinance would depend on the type and Loan to value.

Nov 24th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

FHA allows "seller paid closing costs" up to 6% of the loan amount. I hate that term, because the seller isn't really paying anything. It is just how it needs to be done to roll the closing costs into the loan itself. Your other option is by increasing the interest rate a little bit, and the lender will give you a "lender credit" to pay some or even all of your closing costs. Talk to a local mortgage broker in your area, give them a full application, and they will let you know your options and costs. In MN, WI, and SD, visit me at www.StPaul-Mortgage.com

Nov 24th 2015
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