Special offer

6% seller contibution needed ?

By
Real Estate Sales Representative with C21 the Gresham Company

Has anyone heard or run into this situation as of late ?  Bank called and said they need the seller to cough up 6% in closing costs on behalf of the buyer. (loan orig fee is only 1%) Said that due to an increase in PMI costs this is now required. This is not an AmeriDream loan or one of that nature nor is the 'extra 3%' intended as seller assisted downpayment money. This is on a $100k loan, buyer putting down 3% themselves.    

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