Ok, We are at the final steps of buying our home. Appraisal and inspection was done. Seller is paying 3500.00 of closing costs. That is what we agreed on. We are receiving a gift for the down payment on our FHA loan from a family member. 3.5% of the total house payment is just shy of 2300.00 so that is what we got from our family member. Now all of a sudden the lender is telling us that we will need to come up with another 800.00 to close. That is not including the appraisal @ 350.00. In the last few weeks the funds needed to close from us, have changed from 3,478.00 to 3108.00. And the lender said it could change daily. Can someone explain to me why it changes? I don’t understand why they would ask for the gift right off the bat if it is gonna change so much?? That seems backwards.
I thought FHA only needed 3.5% down?
And why if Obama passed the bill that you can use your home buyer tax credit towards your down payment, can’t we use that yet? We are first time homebuyers
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