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 4 to 5 percent cash down. Fannie Mae has a program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans. Make sure the inspector you select is accredited, licensed and insured.
Closing costs vary from one transaction to another and can often total in the thousands of dollars.
They may be paid up front or added to the buyer's loan balance. However, anxious sellers may sometimes offer to pay a portion or all of the costs to make a sale happen. Ultimately, closing costs are a negiotable item between the buyer and the seller.