5. What if I start house-hunting and then learn I’m a few thousand dollars short of a down payment? Are all down payment requirements alike?
Once again, there are still many mortgage programs out there. All of them are different. Many low down-payment mortgage programs request the seller pay your closing and pre-paid costs. Some even have the seller "gift" your down payment back to you at close. Lenders are now required to provide a "good faith estimate" which will show all the costs for your specific loan. A good lender will make sure that you fully understand it. You should fully understand your expenses before you make an offer on a house. There are also additional expenses which you will incur from the day you write an offer to the time you close. Expenses such as the earnest deposit check, your home inspections, your appraisal, and your homeowners’ insurance are items to discuss in addition to your good faith estimate. A good Realtor will explain all of these anticipated expenses early on in the process. Some of these up-front expenses can be deferred or even reimbursed at close.
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