A host of private lenders offer low-down payment loans. The U.S.Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 3 percent down. Loan limits vary depending on the county where the property is located. Home Inspectors currently are not required to pass any certification of any kind by the state. We are hoping this will change.
Closing costs vary from one transaction to another and often total in the thousands of dollars.
Anxious sellers may offer to pay some or all of the costs to induce a sale. On an FHA or a VA mortgage, the Seller is allowed to pay some of the buyer's loan costs. On certain loan programs, the closing costs may be financed into the mortgage.