Does anyone know if fha allows you to include closing costs into the total mortgage amount? My sister in law did this with their va loan, the seller of the home would not pay the closing costs. I have a home I'm interested it...the realtor says that sellers will usually either lower the asking price (via a bid) or pay closing costs but will not normally do both. So I'm wondering if the seller went down on the price, if the closing could be included in my mortgage. Thanks.
Ask a good realtor or mortgage broker to be certain but, I think they will allow closing cost to be included. There may be a couple of qualifiers but as a general rule, you ought to be able to finance closing cost.
You can only include closing costs into your home mortgage if your contract with the seller reads. I did this in November. We didn't have enough set aside for a good downpayment and closing costs so we offered the seller $4000 more on the home if he would pay $4000 toward our closing. He agreed so $4000 of our closing was rolled over into our home loan. I don't think you can offer the seller the cost of the home without stating in the contract if he would contribute anything told closing afterwards. Dani
