Oct 30
I am wondering about having the seller pay my 3% down payment? I know they will pay 4% for closing cost.
I am not using an buying agent, i know the seller pays the agents fees, but if they don't have to pay 3% for an agent, i would hope they will pay for my down payment.
And in this market, what would you offer on a $150,000 house? i was thinking 130.
2 Responses to “Open Question: Buying my first home in Utah with an FHA loan?”
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October 30th, 2008 at 9:42 pm
Unfortunately you cannot have the seller pay your down payment. Down Payment Assistant programs (seller funded) were done away with a few months ago and FHA requires 3% Down. However, the seller can pay up to 6% in buyer paid closing cost with FHA.
If you need down payment money you may be eligible for grant money. It can be tricky to find them however.
Mike
October 30th, 2008 at 9:45 pm
I should have offered help in finding grant money. I am in Utah also.Call me if you want. I am out of town, but checking my messages at night. 801-404-3540
mike