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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Can I finance my closing costs into the mortgage for a 30 year fixed rate loan.? |
im buying a new construction condo and the builder wants 5,000 down to finish the house (tile and flooring), but that was the money I was going to use for my closing costs. Since I will have paid down part of the principal, could I finance the closing costs? yeah it's possible, the loan amount increases a little bit but than again, your paying down 5000$ so the amount you need to finance is less. The details of your loan might get better if it's more than 3 percent down. Source(s): Mortgage questions? Email me at scornwell@newworldfederal.com You can. But banks have tough credit requirements for things like that these days. If your lender allows it, sure you can roll the closing costs into your loan. I don't get why a builder would ask for money down to finish the home. The money was likely for an upgrade, not a down payment. You will have to ask your mortgage company, but the loan will exceed 100% of hte cost, so it is not very likely unless you have really great credit. We used to be able to do 103% LTV loans, to finance closing costs. Sorry, I don't know who still does them. I don't why the builder would want $5,000 to finish the house, unless you asked for some upgrades. Tell him you don't have it and don't roll more money into your loan. I don't know any lender that is doing more than 100% first financing. |
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