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 shannonperryman
Joined: 13 Jun 2009
Posts: 1
1.35 Dollars($)
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 Posted: Sat Jun 13, 2009 9:15 pm Post subject: can you roll your downpayment in to the total loan |
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| can you roll a downpayment in to the loan amount |
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JKennedySLG
Community Experts
Joined: 01 Apr 2009
Posts: 335
Location: New Jersey/New York
9.13 Dollars($)
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| Posted: Sat Jun 13, 2009 10:42 pm Post subject: |
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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 ($8,000) as additional down payment with select lenders. I hope this helps...
_________________
James Kennedy
RBI Home Loans
Bellmore, NY - Matawan, NJ
(888)724-0955 - (732)290-1888
Qualify NOW: www.YourLowerRates.com
580+ Credit ~ 3.5% Down Payment
540+ Credit ~ 5% Down Payment
500+ Credit ~ 10% Down Payment |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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| Posted: Sun Jun 14, 2009 12:48 am Post subject: |
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Thanks Jkennedy,
Actually i was having some confusion with above query.
Thanks for
advice |
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eric2
Joined: 28 May 2009
Posts: 20
6.32 Dollars($)
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| Posted: Sun Jun 14, 2009 7:56 pm Post subject: |
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| You are going to be asked to bring something to the table, just as James said. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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| Posted: Tue Jun 16, 2009 6:01 am Post subject: |
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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
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http://jessica.mortgagefit.com/ |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7411
Location: bloomfield, ct
63.62 Dollars($)
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| Posted: Tue Jun 16, 2009 8:55 am Post subject: |
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not everyone has a specific plan for that $8000, so keep your eyes open for that.
depending on where you are located, you may be eligible for first-time homebuyer programs that also allow for down payment (and closing costs) assistance. if so, that could allow you to "roll in" your costs and d/p - finance them with a secondary loan, in essence.
virtually every state has such a program - you can contact your state housing agency to determine if and how you might qualify.
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George M. Akerley
Loan Consultant
860-221-5044 |
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eric2
Joined: 28 May 2009
Posts: 20
6.32 Dollars($)
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| Posted: Tue Jun 16, 2009 12:37 pm Post subject: |
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| Closing costs and lender fees can be rolled into the loan but not the down payment. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7411
Location: bloomfield, ct
63.62 Dollars($)
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| Posted: Tue Jun 16, 2009 12:51 pm Post subject: |
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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.
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George M. Akerley
Loan Consultant
860-221-5044 |
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