What can I group into an FHA loan

[Brock Pellerin]

Hey everyone,

So I'm looking into house hacking in Orange county and I have a few questions. 

1) Can I bundle the closing cost into an FHA loan? I life in an expensive market living in Orange county and after looking into it, closing cost was a little more than I anticipated and I was wondering if I can including the closing cost as part of my loan.

2) Can I do the same with the upfront mortgage insurance payment?

The end goal would be to refinance out of the FHA loan after a few years.

3) What point in the process do I start the process with the bank once I have found a property that I like, or is it best to include said bank at the very beginning?

4) Lastly, for a property inspector, where in the process do I include an inspector before closing on a deal? Is it when I'm looking at the property or is it after the purchase process starts and the deal is contingent on an inspector?

Hope everyone is having a great week and is staying safe!

[Curt Davis]

Brock,
When you put a home under contract you will have a certain amount of time to complete all inspections so have your home inspector any anyone else ready to go. I do not think you can include your closing cost into the loan, a lot of buyers ask for the seller to pay 3% of the sale price towards closing cost and most of the time they agree to pay it. Before you start actually looking for houses, get approved so you know how much house you should be looking at and that you are already approved, you could make an offer right away. 

Good luck