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seller financing: Homebuyer Tax Credit Redefined - 05/29/09 09:53 PM
The FHA appeard to be allowing homebuyers to use income tax credits for their entire 3.5% down payment but concerns this too closely resembled seller paid down payment assistance cause them to re-define this program. 
Borrowers applying for an FHA loan will still be required to come up with a minimum 3.5 percent down payment, but will be able to use the tax credit for additional down payment or for other closing costs.
"Unlike seller-funded down-payment assistance, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit," HUD Secretary Shaun Donovan said in a statement.
Note:  … (0 comments)

seller financing: What Are Seller Concession Offers? - 02/26/09 06:05 PM
Seller's Concessions/Buyers Assist is where the seller agrees to pay part or all of the buyers closing costs. The seller must agree to the seller assist and it must be stated in the sales contract.
Most banks allow 3% seller concessions. Some lenders will limit the seller concession based on the amount financed. If you are taking a loan for more than 90% then the lender may only allow a 3% max seller concession. Under 90% they may allow 6%.
The seller assist is not a part of the loan and cannot be financed. The seller is lowering their gain from the sale … (0 comments)

 

Illinois Financial Advisor Greg Zaccagni

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