Good Morning!
I get asked this question a lot by clients who are buying houses…
…”Can we just roll closing costs into the loan?”
The short answer… No.
You can do it with no problem on a refinance, but not a purchase loan.
…but there is an indirect way to do it on a purchase loan.
The best way to roll closing costs into your purchase – is to ask the sellers to pay your closing costs. …the way you do this is to make it part of your contract offer. (This might be more difficult in a seller's market)
…they will either say “yes” or “no” to your request for them to pay closing costs. …so, right here you have a 50/50 shot at it.
If they say “no” – it’s still not over. …you can just offer to add the closing costs to the price of the home (as long as it will appraise) – and then ask the sellers to pay them. …often they will say “yes” to this.
Good luck house hunting!
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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