Different loan programs have different requirements, but almost all allow for the seller to pay part or all of your closing costs. This is one of the many details you should discuss with your agent and your lender prior to writing an offer. This does have an impact on your offer and does need to be asked for at the beginning of your transaction not when you realize there are costs you did not expect.
Different loan programs allow for different costs. Most of the time your home inspection will need to be paid out of your pocket and seldom is it an expense that will be paid back by the seller. The seller can not and should not pay any of your costs directly, everything you do other than the home inspection should be paid directly to the lender or through escrow.
If your offer is written correctly your closing costs can include;
- Home Owners Insurance
- Taxes
- Loan Fees
- Appraisal (repayment)
- Tile and Escrow Fees
- and more
When purchasing a home and successfully asking the seller to pay your closing costs you will need to have readily available the funds for the following; earnest money, home inspection, appraisal and down payment. Depending on the purchase price of the home and other factors you may very well need to pay part of your closing costs, occasionally the amount allowed on your loan is not enough to cover every item.
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Looking for a mortgage professional? I would encourage you to contact;
Jason or James – your Home Loan Ninjas
at 503.799.4112 or you can visit their website and see more info about mortgages and what you should expect.