100% financing, but what about closing costs ? - Posted by Owenreg
Posted by Owenreg on August 21, 2003 at 21:19:56:
I have been looking to buy a property. A friend of mine told me that he could refer me to a lender that will do a 100% loan. So I understand that this particular lender will lend me 100% of the sale price/ or appraisal price of the house.
But I have no money for closing costs.
I have heard that I could structure the deal in a way that the seller can pay the closing costs, how is this done? How can structure the purchase so that a seller (who was otherwise unwilling to pay my closing costs), can now pay my closing costs ?
I can come up with 2 months PITI, and I don?t need a down payment because I am getting 100% financing. But what do I do about closing costs?
I know that there may be counseling agencies that may be able to help with this, BUT I am more interested in finding out how I can structure the deal so that the seller will pay my closing costs, and the only loan to be involved will be the 100% loan from the lender. I don?t know if I explained my self clearly enough. But please if you understand what I am trying to say, please show me the way.