Who Can Pay Closing Costs
| Sometimes as a buyer you may need help paying your
closing costs. Below is a chart which shows what lenders will allow
a buyer to pay and what a seller may pay on behalf of the buyer. |
| | |
Conventional Loans | FHA Loans | |
VA Loans | | | | | | | | | | | | | May Pay | |
Buyer |
Seller | |
Buyer |
Seller | |
Buyer |
Seller | | Customary Loan Fees | | | | | | | | | | | | | | | | | | | | | | loan origination fee | |
YES | YES | | YES | YES | | YES | YES | | points | |
YES | YES | | YES | YES | | YES | YES | | appraisal | |
YES | YES | | YES | YES | | NO | YES | | credit report fee | |
YES | YES | | YES | YES | | YES | YES | | recording fees | |
YES | YES | | YES | YES | | YES | YES | | lenders title insurance | |
YES | YES | | YES | YES | | YES | YES | | escrow fee | |
YES | YES | | YES | YES | | NO | YES | | flood certification | |
YES | YES | | NO | YES | | NO | YES | | tax service | |
YES | YES | | NO | YES | | NO | YES | | underwriting fees | |
YES | YES | | NO | YES | | NO | YES | | document processing | |
YES | YES | | NO | YES | | NO | YES | | termite inspection | |
YES | YES | | NO | YES | | NO | YES | | notary fees | |
YES | YES | | YES | YES | | YES | YES | | prepaid interest | |
YES | NO* | | YES | YES | | YES | YES | | prepaid taxes | |
YES | NO* | | YES | YES | | YES | YES | | prepaid insurance | |
YES | NO* | | YES | YES | | YES | YES | *call for exceptions when seller may pay buyer's prepaid costs
|
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