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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33796
Experience:  15 years real estate, Realtor. Landlord 26 years
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When the closing costs are rolled into the mortgage, is the

Customer Question

When the closing costs are rolled into the mortgage, is the down payment calculated on the price of the property alone or the total of property price P
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: (Con't) PLUS the closing costs?
JA: Has any paperwork been filed?
Customer: New Jersey...just received the papers...nothing has been "filed" yet.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Note: this is a manufactured home. Not a mobile home or trailer
Submitted: 29 days ago.
Category: Real Estate Law
Expert:  Barrister replied 29 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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is the down payment calculated on the price of the property alone or the total of property price P

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As a general rule the down payment has nothing to do with the final closing costs or any other concessions that the seller or buyer agree to.

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So if the purchase price is $100,000 and the lender is requiring 5% down, the the buyer has to put down $5,000...period. If the closing costs end up increasing the eventual loan amount over the $100K, that wouldn't affect the down payment amount.

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thanks

Barrister

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