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How Much Can the Seller Pay of my Closing Costs??
Many times I am asked by Buyers and Realtors "how much can the seller pay in closing costs"?  It is good to know when negotiating on a home how much the seller can pay of your closing costs.  This would make it easier for you to get into a home with less money needed.  Here are the allowable amount that a seller can pay in closing costs per the different loan types.  The % is based on the sales price.  So if the seller can pay 3% in closing costs of a $100k sales price it would be, $3000 that the seller could pay of your closing costs.  Pre-paids are also considered part of the "closing costs" in this example.  Pre-paids are the setting up of your escrow account, taxes, insurance, days of interest etc. 
FHA Loans-  FHA loans are great loans and allow the seller to pay up to 6% of your closing costs.  Keep in mind, that you may not need the seller to pay that much in closing costs.  Many real estate contracts are worded to say up to "?" in closing costs.  So if you ask for the seller to pay $5000 in closing costs but only ... more

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