Lender Credits

This is the way they help you before taking your money

Details:

• Lenders want you to have some skin in the game (see the 80/20 Rule), so they can't just give you money for the downpayment.
• They can give you "credit" that you can use for the other items you need to close--taxes, fees, etc. so you can use your actual cash on the downpayment.
• This credit is given in exchange for you taking a higher interest rate.



• BONUS TIP
• If you combine this with one of the other nothing-down programs like USDA or VA, you can truly get into the house with $0 out of pocket.