I have 100% financing. Must I have have pay a portion of the closing costs or can I ask the seller to pay all?

I am getting ready to make an offer on a home. I have 100% financing. I was told that the bank will not allow me to ask the seller to cover all of the closing costs. Is that true? Do I HAVE to pay a portion of the closing costs because I am financing 100%. Thanks in advance of your replies.

Each lender has its own requirements. Some want you to put SOME level of money into the property and your lender may require that you pay closing costs in order to get 100% LTV.

You will need to inquire of the lender concerning their requirements. If that is what they want, you either pay the closing costs out of your own pocket, OR seek different sources of financing.

You can specify anything you want in the contract to buy the property. If the seller accepts the offer to pay all closing costs, the bank will not complain.

you can trie they may say yes deppending on how bad they want to sell tere house

Let's see, if the seller pays the closing costs, then they refuse to give you the loan.

There is no law that says they have to lend you the money.

Sounds like the bank is in control.

The way the housing market is today you can ask for anything and as long as it is in your offer that they accept you are home free. Make sure that you have a home warranty that covers everything especially major items like the roof, heating and AC systems, plumbing, water heater. Prior to signing make the seller get and pay for a home inspection, you want to make sure that you don't have termites or fleas. Ask that the house be fumigated if the owner had any animals that were inside and outside pets.

The bottom line is that you can ask for anything you want and once the papers are signed your contract is binding on all parties. The worse that will happen is they may counter your offer and delete the seller to pay parts, if they do counter them with a lower price that covers the amount that they would have had to pay had they accepted your original offer. Good Luck!

Did you hear that directly from the bank or a real estate agent? No you do not, your loan to value ratio has nothing to do with closing costs. You can ask the seller to pay up to 6% of your closing costs.

It depends on the lender, the seller and the location. In Florida, if the seller is willing and the property is in a lender approved area, I can get 100% financing with unlimited seller concessions.

See:

http://www.atlanticeloan.com/pages/100-p...

Good luck.
Charlie Camp
Atlantic Mortgage
(800) 373-3130
http://www.atlanticeloan.com/default.asp...