Other common deferred expenses include startup costs, the purchase of a new plant or facility, relocation costs and advertising expenses. Both prepaid expenses and deferred expenses are important aspects of the accounting process for a business. As such, understanding the difference between the two terms is necessary to report and account for costs in the most accurate way.
Tip: Get the lender to pay the closing costs. If you're short on cash for the closing costs and can't roll the closing costs into the mortgage, some lenders will pay part or all of the closing costs, but in exchange you'll have to pay a higher interest rate on the loan, perhaps 0.25% or 0.50% higher.
The seller can then pay all or a portion of your closing cost. In the last few FHA transaction I have done the seller has paid 3% of the purchase price towards my buyers closing cost. That seems to work out well for my buyers and gets them into a home most of the time with just the 3.5% down payment.