Is there a way to buy a home without having the closing costs in cash?

Question

I feel like I am wasting money on rent payments, but my boyfriend and I do not have a lot in savings. Everything is basically paycheck to paycheck.

Answer 1

The closing cost can be added to your mortgage amount. It will not significantly affect your monthly payments and you don't need to come up with cash at closing time.

However, if you live from paycheck to paycheck, be careful as ownership is always more expensive than rent. There are real estate taxes, utilities, property upkeep....The cost of ownership is not just the price you pay for the house.

Answer 2

If you are living paycheck to paycheck, you don't want to move into a home. Homes are good investments if you can afford it, but typically they are quite a bit more expensive than an apartment.

Look into creating a budget and saving some money before you buy a home. When you do buy it, make sure that you have at least 3 to 6 months of monthly expenses saved up in case of an emergency. Your mortgage payment will be even more manageable if you can put 5% down plus your closing costs. Make sure you do you homework before you make a change.

Answer 3

Ask the seelers to pay closing costs. I've purchsed 2 homes and both times that has been done.

Answer 4

I had the closing costs put into mortgage payment. Ask your mortgage company about a no cost and no PMI Insurance mortgage.

Answer 5

yeah there is. They just add the closing cost into the loan.

Answer 6

Everything can be wrapped up in to the loan if the equity is there.

Answer 7

have the seller pay closing costs. its a buyers market, most will do this.