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Seller contribution

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Buying home Guest	Posted: Mon Jul 18, 2011 11:42 pm    Post subject: Seller contribution Like 0 Dislike 0 How much can a seller contribute to the buyer for the purchase of the property? Can a seller contribute towards the down payment that the buyer has to pay? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Jul 19, 2011 12:15 am    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As far as I know, sellers can contribute towards buyer's loan. However, there are certain restrictions. On conventional loans, the seller contributions is restricted to 3% of sale price with 5% down payments, and to 6% with 10% down payment. In case of FHA loans, sellers can contribute up to 6% of price to the buyer’s settlement costs. However, they won't be able to contribute anything to the down payment. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Tue Jul 19, 2011 1:18 am    Post subject: hello to Buying home! Like 0 Dislike 0 It depends on the loan that we are talking. You can help out with the down payment if you are on a conventional loan like what is mentioned by Sussane however, you should observe certain restrictions on making down payments. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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