Closing costs can be as much as 5-6% of a home’s purchase price. On a $150,000 loan, you’re looking at as much as $9,000. Even though you don’t need a down payment for the USDA loan, this is still a lot of money. What happens if you don’t have this much? Are you stuck renting for the rest of your life? Luckily, there are options. One way is letting the seller pay the closing costs. Here we will discuss how this may happen. What are … [Read more...]
Allowed Seller Paid Closing Costs on a USDA Loan
Closing costs can add up quickly. Before you know it, you owe more than $5,000 just to close on your loan. For some people, this is not possible. One possibility for help with paying the costs is to get the seller’s help. Oftentimes sellers are willing to help in order to get the approval. If it means they can sell their home, they may be willing to provide financial assistance. This, of course, is as long as they still make a profit on … [Read more...]
