Closing Costs

Borrowers closing costs involve many of the typical costs associated with a mortgage loan, such as appraisal, survey, title insurance, etc.  However, FHA recognizes that a borrower has limited funds and allows the borrower to finance a certain percentage of these costs to calculate the maximum mortgage a borrower can obtain.

Seller Paid Costs

Sellers or other third parties such as real estate agents, builders, developers, or combination of parties can contribute up to 6% of the property’s sale price towards the buyers actual closing costs, prepaid expenses, discount points and other concessions. 

Closing costs normally paid by the borrower are considered contributions if paid by the seller.  If any of the allowable closing costs are paid by the seller or other interested parties, they cannot be included as part of the borrowers required 3.5% cash investment.

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