A. Giving your social security number is a must. Although you may think that you can call around and get rates, this is not possible without reviewing your credit. A broker/banker may be able to give you an approximate idea of what rate you may qualify for, but without having a social security number and being able to review credit no one can give you a definite interest rate.
A. Borrower contributions is basically how much money the borrower is contributing towards the loan. In the past 100% financing was easily available. As banks have changed there guidelines it is typically required that the borrower makes at least a minimum contribution of 3%. FHA loan programs are much more flexible when it comes to how much money a borrower should contribute as opposed to a standard conventional loan.
A. FHA allows for the down payment and or closing costs to be given to you the borrower from a family member, employer and many other 3rd party donors. There are services that will grant you the money without having to pay it back. It is advised that you check with your lender about grant programs.
A. This is something that you should really speak to your broker/banker about. If you are working with limited funds and only have enough money to use for either the down payment or the closing costs then there may be a way to get the seller to provide what's known as a seller concession. This is money that the seller will use from the sale of the home to help you pay your closing costs enabling you the borrower to only have to cover the down payment amount. In most cases FHA will allow up to a 6% sellers concession.