Planning to buy a new home in Florida
I am eyeing a home in Florida worth $19M in a desirable subdivision. Am wondering if FHA lenders will allow closing costs to be rolled into the mortgage? My credit score is 640 so I am leaning towards an FHA compared to other loan products. I am trying to nego with seller if he can help out with closing costs but if not I plan to look for downpayment assistance programs. TIA for all your replies. by steve754 from Atlantic Beach, Florida. Feb 7th 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
1) closing costs cant be " rolled " into a new purchase loan ...you can certainly ask the seller to provide a credit ( concession ) that you can use to pay for all or part of the closing costs 2) even with the score being low ...you should compare the conventional loan programs to the FHA options 3) if you are buying a home for 19 mill and you want a low down payment option - a FHA loan will not be able to help as the max FHA loan amt is lower than 19 mill 4) get pre approved ...Dave Skow Movement Mortgage 206 714 9745 dave.skow@movement.com
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