Posted by Jim Holmes on March 25, 2000 at 01:03:53:
I am about to close on an apartment building that is pretty much a no money down deal. Usually in your “Good Faith Estimate” you will have an amount that you will need to bring to close. At closing your credits will be applied, reducing the amount needed to close.
In my case, I’m getting a 75% 1st and the sellers are carrying back 25%. With my credits offsetting the closing costs, I will probably leave the table with a little over $1,000.
Just remember to do a good analysis of your deal.
Jim from Idaho