Discover how you can save thousands when purchasing your home. By using our FHA loan program when purchasing your home, we (Accurate Mortgage Group) will pay for your closing costs.
What does AMG pay for?
We (Accurate Mortgage Group) will pay or refund at closing the following closing costs:
- Lender Fees
- Appraisal Fee (Up to $550.00 reimbursed at closing)
- Credit Report Fee (reimbursed at closing)
- Title Company Fees
- Recording Fees
We will cover most or all the closing costs you will find on your Loan Estimate from sections A through E except for optional services like a rush fee.
Pre-paid fees like your homeowner’s insurance and escrowed property taxes are your responsibility. Even that we do not pay for these, there are other ways of obtaining these funds. Read below to see how.
Are there upfront fees?
No, not from us. You must pay for your credit report and the home appraisal company up front, but you will be reimbursed for these charges at closing. We are a discount broker, and this helps keep our costs down.
You should also get a home inspection done. These are about $250 and are performed by an inspector that you hire. While not obligatory to get, it is advisable that you get one.
Keep in mind that home appraisals give you the value of the home, they don’t tell you if there are any hidden defects in the property that you should be aware of.
What about the downpayment?
Per FHA rules the 3.5% downpayment must come from you. As a lender, we cannot give you this downpayment, but you can receive gift funds from a relative.
What are Pre-Paids?
Pre-Paid closing costs refer to your property tax escrows and homeowners insurance, plus any other optional or extra service that you request. While we are not able to pay these you can have the seller contribute money for your closing costs to cover these extra charges.
Other acceptable sources of funds for your closing costs can be gift funds from a relative or from the realtor’s commission at closing.
Do I have to repay this money like in a grant or DPA program?
This is not a grant or DPA (Down Payment Assistance), we are actually giving this money out of our commision (the investor pays us, not you), so it is free as in beer.
Some DPA or grants programs make you live in the house for a certain amount of time to keep the money. We don’t.
Will I have a high-interest rate?
No. We lowered our compensation to get you a great rate. Unlike other lenders, our rates are some of the most competitive in the market giving you the best of both worlds, a great rate and we pay your closing costs.
I’m I want a Conventional loan, can you still help with closing costs?
Yes, we can. We will still help you pay for your closing costs. It might not be all of them, but we will get you at least $2,000.00 if you qualify. Call us for more information or apply now online.