purchase...103% cltv???

By
Mortgage and Lending with Real Estate Investor Financial Services

I need help trying to find a bank that will finance 3 % of the closing costs in with the loan on a purchase?

Does anyone have any ideas?

 

thanks,

Monica Westover

Comments (1)

Randy Bolton
None - Diamond Bar, CA

Monica,  I don't think these bank deals exist anymore, except for State Bond First Time Buyer Programs which actively grant closing costs money to homebuyers, or loan them closing cost money with the rule of 'they have to make NO payments on that closing cost loan'.  However, the closing cost loan may need to be paid back once the house is re-sold in the future.  For the record, First Time Homebuyer is a person who "HAS NOT OWNED IN THE PAST 3 YEARS".

2.  Most sellers are paying buyers closing costs.  So let's say you have a seller selling their home for $250,000.  Most deals these days are written like this...  Buyer to pay $256,000 for the home ($6,000 more), Seller to pay $6,000 of buyers closing costs.  This is a nice little way to tie in closing costs into the home financing, as long as the home will appraise for the $256,000.

Have you tried these avenues??

Please reply.

Randy

Apr 02, 2008 02:31 PM