I just got pre approvedfor a FHA home loan. Are there some lenders that will do no closing cost loans?

Hello Mr Chavez, our brokerage offers a no cost no points home loans on purchase transactions. I be more than glad to go over the available options with you. Please call or email Houtan Hormozian (310) 933-4748 or Houtan.Hormozian@crestico.com

The closing cost money goes to whomever provides the services, e.g., title company for title report, escrow company for escrow services, lender for underwriting/administrative services, etc. We have many lenders that can do a loan for you without any closing costs or points depending upon your FICO score, monthly income, monthly debt, and other qualifying guidelines. Without know this info, though, it's impossible to determine whether or not you will be able to get a no cost loan. Actually, I specialize in them, and even less-than-no-cost loans. which sounds a bit crazy, but it's true. If you are a "solid" borrower, I can structure a FHA, 30-year amortized loan for you at an interest rate in the low to mid 3s. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

It will have nothing to do with your credit score as long as you are above a 580 FICO. With FHA you typically negotiate a combination of seller credit for closing costs and a lender credit. You should be able to structure the deal where you just bring in your required 3.5% down payment. I'm in Santa Rosa. Give me a call and I'll go over all the details for you in person. Scott Lawson, America's Home Loans, 707-763-7900. www.scottwlawson.com

All loans have closing costs, the question is how do you pay them. Follow this link for an article I published on this very subject.http://www.lender411.com/mortgage-articles/4145/What%26%23039%3Bs-The-Secret-To-A-%26quot%3BNO-Closing-Cost-Loan%26quot%3B%3F/ Or you can click my picture to go to my profile page. From there, click the "Blog" tab and it is the 4th article down the list.As for who get the closing cost? Many different people. The appraiser get the appraisal fee, the Title company gets the escrow fee and title insurance policy premiums, the County gets the recording fee, your homeowner's insurance company gets their first year's premium, and in the case of an FHA, HUD gets the Mortgage Insurance Premium. For the portion that goes to the lender, it depends, but common fees included in the closing costs can be Underwriting, Processing, Flood Zone Certification, Loan Document Preparation fees, etc. Work with a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com