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can you roll your downpayment in to the total loan

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shannonperryman Joined: 13 Jun 2009 Posts: 1 1.35 Dollars($)	Posted: Sat Jun 13, 2009 9:15 pm    Post subject: can you roll your downpayment in to the total loan Like 0 Dislike 0 can you roll a downpayment in to the loan amount
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Sat Jun 13, 2009 10:42 pm    Post subject: Like 0 Dislike 0 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 ($8,000) as additional down payment with select lenders. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)
sunil87020 Joined: 04 May 2009 Posts: 339 26.96 Dollars($)	Posted: Sun Jun 14, 2009 12:48 am    Post subject: Like 0 Dislike 0 Thanks Jkennedy, Actually i was having some confusion with above query. Thanks for advice
eric2 Joined: 28 May 2009 Posts: 20 6.32 Dollars($)	Posted: Sun Jun 14, 2009 7:56 pm    Post subject: Like 0 Dislike 0 You are going to be asked to bring something to the table, just as James said.
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 808 Location: OHIO 435.65 Dollars($)	Posted: Tue Jun 16, 2009 6:01 am    Post subject: Like 0 Dislike 0 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 _________________ http://jessica.mortgagefit.com/
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Jun 16, 2009 8:55 am    Post subject: Like 0 Dislike 0 not everyone has a specific plan for that $8000, so keep your eyes open for that. depending on where you are located, you may be eligible for first-time homebuyer programs that also allow for down payment (and closing costs) assistance. if so, that could allow you to "roll in" your costs and d/p - finance them with a secondary loan, in essence. virtually every state has such a program - you can contact your state housing agency to determine if and how you might qualify. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
eric2 Joined: 28 May 2009 Posts: 20 6.32 Dollars($)	Posted: Tue Jun 16, 2009 12:37 pm    Post subject: Like 0 Dislike 0 Closing costs and lender fees can be rolled into the loan but not the down payment.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Jun 16, 2009 12:51 pm    Post subject: Like 0 Dislike 0 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. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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