Posted on: 19th Nov, 2010 10:05 pm
at 5% down payment or my home mortgage, can i take more than 3% help from the seller as a party of closing cost? My lander is saying that I can not take more than 3% if I want to put down 5%. is this true?
Hi Rajgodhani,
In most cases, you will be able to ask the seller to pay 3% of the closing costs. You won't be able to ask the seller to pay anything more than that.
Thanks
In most cases, you will be able to ask the seller to pay 3% of the closing costs. You won't be able to ask the seller to pay anything more than that.
Thanks
Hi Rajgodhani,
That is correct for a conventional, Fannie or Freddie loan. If you did an FHA loan you can put 3.5% down and get 6% seller concessions.
That is correct for a conventional, Fannie or Freddie loan. If you did an FHA loan you can put 3.5% down and get 6% seller concessions.