loan programs that aloow for closing costs to be rolled into balance?

All loan allow for "seller paid closing costs", which allows you to roll the closing costs into the loan. It has to be worked into the purchase agreement, it can not be an after thought. Your other option, which can be an afterthought, is to take a slightly higher interest rate. The higher rate will be used to reduce your closing costs today. Lending in MN, WI, SD. www.Mortgage-Rochester.net

Closing costs can either be covered by Seller Concessions (money the Seller can put into your deal to cover them) or by increasing your rate and covering them with Lender Credit. In either one of those cases, the Closing Costs would not become part of your actual loan. There are no loan programs that allow the Closing Costs to be rolled into the loan other than refinances. Contact me directly if I can be of assistance.

There are programs that can finance your closing costs if you qualify. They are very specific and can be lengthy processes based on their underwriting and closing criteria. The USDA loan programs allow for financing 2% more than the sale price as long as the property appraises above list price and then the seller can kick in the balance essentially leaving you with very little money down. The property must be located in a designated "Rural" area and you and your household must meet income and asset limits as laid out in the USDA guidelines.The other option for First time home buyers in Virginia is the VHDA Plus program. This is a standard FHA loan as a 1st lien and a 3.5%-5% 2nd lien that covers your down payment and a portion of your closing costs. Your seller may also contribute to the balance of the funds needed to close. Here again the Virginia Housing Development Authority has tight restrictions on who qualifies for this loan. There income, asset and loan amount restrictions as well as close scrutiny of your credit history and debt to income ratios. Give me a call and lets discuss your goals and opportunities in this area. I am attaching links to the USDA web site. If you have a certain property in mind you can enter the address here to see if it qualifies for Rural Housing financing. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfpAnd, if you are a First Time Home Buyer, you can check out the Loan and Income Limits for your area of Virginia at this link to VHDA:http://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx#.VBl1UJRdV8E