Is your downpayment included near the closing cost altogether contained by your fitting hope estimate?
loan is 80k and we got 97.5 % financing and used the genesis program for assistance what do we need to close and downpayment raison d`¨ētre I am not understanding. thanks so much
Answers: I am not adapted with the genesis program so I don't know what they will pay. But if your loan is for 97.5% of 80k your down settlement is 2.5% of 80k. There are other closing cost that the buyer is responsible to pay. Talk to your realestate agent to get an estimate of the closing costs.
"Swanky" is correct give or take a few contacting your lender. There are many "down payment" assistance programs for those that qualify including FHA loans. They basically allow the "seller" to provide to you "down payment".
Typically, this "down payment" is added fund into the agreed sales price. On the GFE look at the "selling amount" at the top, probably more than agreed with the added 2.5% for "down payment". The street trader at "closing" receives funds as originally expected and your original "sale price" increases, in this case, 2.5%. You will also discharge a fee to use this "genesis" program.
Meet with your loan officer at the "lender". Understand funds you will inevitability to bring at "closing". If the loan officer is "unsure", tells you "maybe this figure", anything making you "uneasy" shop the loan elsewhere. Why? Sometimes at the "closing" table near the attorney more funds are needed that can be "substantial". You are there, emotional, all set to sign and become a "homeowner", but additional funds necessary can increase the "selling price" making your already "questionable" payments highly developed. You will be required to have "homeowners insurance", "property taxes", and more at the "closing".
Remember, not only will you own the "monthly payment" on the home, in addition monthly, join taxes, homeowners insurance, PMI (Private Mortgage Insurance).
In Georgia, "buyer assistance programs" are required to be explained, you "sign" knowing how this works. 1999 to 2005 I was an extremely successful "mortgage broker" because I always could give an account "clients" within $200 to $400 what was needed within funds at "closing". "Mortgage brokers" in any state can do same as well.
Good Luck, stay positive.
ask your lender. they should know how to give you an exact number . . . especially if you need to bring money to the closing
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Answers: I am not adapted with the genesis program so I don't know what they will pay. But if your loan is for 97.5% of 80k your down settlement is 2.5% of 80k. There are other closing cost that the buyer is responsible to pay. Talk to your realestate agent to get an estimate of the closing costs.
"Swanky" is correct give or take a few contacting your lender. There are many "down payment" assistance programs for those that qualify including FHA loans. They basically allow the "seller" to provide to you "down payment".
Typically, this "down payment" is added fund into the agreed sales price. On the GFE look at the "selling amount" at the top, probably more than agreed with the added 2.5% for "down payment". The street trader at "closing" receives funds as originally expected and your original "sale price" increases, in this case, 2.5%. You will also discharge a fee to use this "genesis" program.
Meet with your loan officer at the "lender". Understand funds you will inevitability to bring at "closing". If the loan officer is "unsure", tells you "maybe this figure", anything making you "uneasy" shop the loan elsewhere. Why? Sometimes at the "closing" table near the attorney more funds are needed that can be "substantial". You are there, emotional, all set to sign and become a "homeowner", but additional funds necessary can increase the "selling price" making your already "questionable" payments highly developed. You will be required to have "homeowners insurance", "property taxes", and more at the "closing".
Remember, not only will you own the "monthly payment" on the home, in addition monthly, join taxes, homeowners insurance, PMI (Private Mortgage Insurance).
In Georgia, "buyer assistance programs" are required to be explained, you "sign" knowing how this works. 1999 to 2005 I was an extremely successful "mortgage broker" because I always could give an account "clients" within $200 to $400 what was needed within funds at "closing". "Mortgage brokers" in any state can do same as well.
Good Luck, stay positive.
ask your lender. they should know how to give you an exact number . . . especially if you need to bring money to the closing