Closing Costs in the Loan

[Jacob Rivera]

Hey BP, I'm New to REI and I wanna start with purchasing my first property as a House Hack. Since I would be a first time home-buyer I believe this route has more and advantages in terms of financing and getting my feet wet with rental properties. My concern is I don't have a ton of cash of my own for a down payment & closing costs. I have heard of loans where closing costs are included in the loan itself and don't have to be paid out of pocket. However, I haven't run into many mortgages brokers who allow this option ( I live in Upstate NY). Was wondering if there is a specific loan type that allows this, or if there are specific criteria to qualify for this type of loan?

-Thank You

[Bob Okenwa]

@Jacob Rivera

I'm not familiar with lenders in your area that will allow you roll closing costs into the mortgage, but you can ask the seller to pay your closing costs. This would alleviate your need for rolling them into the mortgage. It is my understanding that Rochester NY is in Monroe County and they have programs to help first time homebuyers such as yourself. http://www2.monroecounty.gov/planning-community.php. Secondly, the city of Rochester itself has programs to help as well. http://www.cityofrochester.gov/homebuyer/. Hope this info helps you get your house so you can get your investment train rolling. Best of luck.