Fridays with the Fiddle Fig: 3 Ways to Afford a Home
Ok, so down payment and mortgage aside, many people get turned off by the extra fees of closing on a home. So today I'll go over three options that clients do not always think of when worrying about those closing costs.
1) Lender paid closing costs
You'll still have to come up with the down payment but you could potentially have a lender pay the extra fees included in closing on a home. This includes escrow fees, title fees, lender fees, and some recurring closing costs like property taxes and insurance.
2) Seller paid closing costs
How this works is that you'll offer a price and ask for a seller credit towards recurring and nonrecurring closing costs. So that way the closing costs are the responsibility of the seller rather than you as the buyer.
Getting an aunt, uncle, parent, grandparent or other family member who wants to help you purchase your home could give you an official gift in order to cover certain costs.
So those are three ways to be able to afford the additional fees of closing on a house. If you're looking to buy and think something like this might help, let's talk and figure out your best options together.