Originally Posted by
Paul
We are closing tomorrow on a house with 0 down. We are not doing 100% financing either. We got the seller to contribute about 8% of the cost of the house to our closing costs and down payments. We were out of pocket for the inspection (on 2 different houses), the appraisal, and a few other things. Maybe $1200 total. House we are buying is right at about 180k. The FHA changes that your lender is talking about are not for sure yet. It is just possible that they may change. We qualified at 6.5% with the FHA and no money out of pocket. Your seller can contribute 6% of your down payment and up to 3% of your closing costs. You may want to check with another lender before you give up on the house.
To be honest, it's not even so much about the closing costs and additional fee's as much as it is about making a 30 year commitment in an area that I'm not sure I want to stay in. I do appreciate the notes though, I'll certainly keep them in mind! Congrats on your new house!!!!