re: down payment&closing costs

<blockquote><b>Quoting Party of FIVE!:</b>" Look at this site! It is soooo helpful! Jammony.com"</blockquote>


Thank you!!

Nada. We're using a VA loan and the seller's paying the closing costs.

<blockquote><b>Quoting Party of FIVE!:</b>" Nope, not always. You can have that agreement, but your loan will be higher. Basically you up the purchase price of what the closing costs will be."</blockquote>




But why would the buyer want that in the agreement.

We didn't need a down payment (VA loan) and the closing cost was about $5,000. We didn't need to pay it because our bank paid for almost half of it and then we asked the sellers to pay the rest and they did. Our loan was for $140,000

<blockquote><b>Quoting Party of FIVE!:</b>" Maybe in CA but that is not how it works in the US."</blockquote>




I also wouldn't buy a house that I the buyer would have to take care of their costs. I have heard it happen hear just doesn't happen all the time. Just cause the seller knows they are responsible to pay it.

Quoting Mom of Tristan/Rayah +1:" <blockquote><b>Quoting Party of FIVE!:</b>" Nope, not always. You can have that agreement, ... [snip!] ... purchase price of what the closing costs will be."</blockquote> But why would the buyer want that in the agreement."

Because, essentially, you won't need to come up with as much money. You would be putting the cost of the closing into your loan. Then the buyer would take that extra money to pay for it. You're still paying the same for the house, you just added closing costs.