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sellers concessions for home buyers: Don't spend your income tax refund - you're going to need every penny of it to purchase a home with the new FHA guidelines in force. - 01/24/10 07:14 AM
Just as we suspected would happen, FHA has now had some major changes and it is now going to cost you more out-of-pocket money to purchase a home.             New - Sellers concessions are limited to 3% of the purchase price.             New - Upfront mortgage insurance premium is increased to 2.25%. Here is an example of what the lower sellers concessions to the buyers will look like for you: If you are purchasing a $50,000 home the seller will only be able to  contribute $1500 to help you with closing costs, pre-paid items and/or tax prorations.   (This same purchase before … (8 comments)

sellers concessions for home buyers: "You mean I'm financing my closing costs??" - what it really means when you ask for sellers concessions - 09/18/09 11:56 AM
One of the most confusing aspects of the purchase process for home buyers is sellers concessions.  They've heard their mortgage lender mention it, in lieu of the buyers needing to bring to closing all of their closing costs, pre-paids, etc.    It's also been discussed with their buyers agent during the process and while sitting down to write an offer on a home.   It is still confusing to most buyers though unless you draw it out for them - who is really paying for what, and what it means to them in the amount they will finance.  The table below is an … (16 comments)

 
Kris

Kris Wales - Macomb County MI real estate blog & homes for sale search site

Macomb, MI

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Keller Williams Realty - Lakeside Market Center

Address: 45609 Village Blvd., Shelby Township, MI, 48315

Office Phone: (586) 536-5453

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