There are two categories of closing costs:
Non-recurring and recurring (aka pre-paids) costs.
Non-recurring closing costs happen one time as part of the transaction. These costs can vary depending on the area of the country but here are some examples of the typical costs you might see.
- Appraisal
- Credit report
- Underwriting fee
- Termite Report (Refinances)
- Notary fee
- Title Insurance
- Flood determination
- HOA processing fees
- County Recording Fees
Helping Military and Civilian families realize the dream of homeownership since 1990
Only assets derived from acceptable sources are allowed for down payment and closing costs.
Down Payment
No down payment is required if:
- Purchase price is at or below the county loan limit AND
- The appraisal supports the sales price
Closing costs
Real estate and mortgage transactions have fees associated with them, regardless of the type of financing involved.
The amounts charged will vary depending on the location of the property, the time of the year the loan closes and the fees charged by 3rd party providers.
Allowed Sources of Funds
| Source | Down Payment |
Closing Costs |
|---|---|---|
| Buyer's own funds: checking, savings, retirement,investments and cash on hand. | ||
| Loans against financial assets such as other real estate, retirement and investment accounts and other depository accounts. | ||
| Proceeds from the sale of real estate and other personal property. | ||
| Gift funds: must be from a family member, employer, government agency or charitable organization. A gift letter must be signed by the donor and the transfer of the funds must be documented. | ||
| Seller Credit** | ||
| Lender Credit |
**Interested party contriubutions include credits from the Seller, real estate agents, builders and developers that are applied to closing costs and other transactions fees are limited to 6% of the sales price.