This is a quick list of the fee's a seller can help with.  If you need more information please visit us at www.azmortgageinfo or email Mike King at mike@azmortgageinfo.com.

CONTRIBUTIONS BY SELLER

FHA
The seller can contribute up to 6% of the sales price toward the buyer’s closing costs, prepaid expenses, points, etc

VA
The seller can contribute up to 4% of the sales price

CONVENTIONAL
The seller can contribute up to:

• 3% of sales price with down payments under 10%
• 6% of sales price with down payments from 10% up to 25%
• 9% of sales price with down payments of 25% or more
• 2% of sales maximum for Investment Property purchases regardless of down payment

USDA
The seller can contribute up to 6% of the sales price

HOMEPATH
The seller can contribute up to 6% of the sales price for Primary Residence purchases, 2% for Investment purchases

EXPENSES NOT ALLOWED

Below, you will find some of the expenses that the buyer CANNOT pay:

FHA
Tax Service Fee (usually about $80)

VA
Escrow, Settlement or Loan Closing Fees
Attorney Services other than for title work
Termite Inspection or Treatment (except on refinances)
Notary Fees
Real Estate Brokerage Fees
Fed Ex Fees
Lender-Related Fees: Processing, Loan Doc Preparation, Underwriting, Tax Service, Application, Commitment, Trustees, TIL Preparation, Lender Appraisal, Postage

The total of the VA expenses not allowed to be paid by the buyer will typically run between $1,000 and $1,500. This needs to be listed on your contract when submitting an offer to the seller if using VA financing.

I hope this helps with understanding what fee's you can ask a seller to help pay for the buyer.  Again visit us at www.azmortgageinfo.com