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How To Finance Your Closing Costs When Buying A Home
How to finance your Closing Costs when buying a home is a question I am constantly asked by Buyers who are seeking to minimize the amount of cash they "come to the table with" when determining their funds to close.  The following information will hopefully help you understand the context of these terms (while perhaps learning how to implement some creative financing along the way).
 
 
The first step in determining how to finance your Closing Costs when buying a home is to understand some basic terminology.  The total money you will "bring in" is referred to as your funds-to-close.  For a detailed breakdown of where all the money goes when closing escrow, click here. In the spirit of keeping this article brief, I will summarize the formula for funds-to-close below:
Funds-to-close = Down Payment + Non-Recurring Closing Costs (NRCC's) + Recurring Costs (RC's) NOTE: Your initial Earnest Money Deposit (EMD) is applied towards your remaining Funds-to-close at the conclusion of the escrow period With this information in mind, the following underwriting guidelines will always prevail on any home purchase loan:
The Loan-To-Value (LTV) requirements will always be based on the LESSER of the "purchase contract price" or the "appraised value." LTV is ... more

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