closing costs: How much can the seller credit towards buyer closing costs?
- 03/06/14 01:57 AM
How much can the seller credit the buyer towards closing costs? It is a simple question and it will get you a complicated answer. The maximum allowable contribution from the seller (and/or Realtor) depends on the down payment and occupancy. The rules I am quoting are Federal rules for a Fannie Mae conventional loan.
For an owner occupied or second home there are 3 answers:
1. With less than 10% down the max contribution is 3% of the lesser of the sales price or appraised value. 2. If you put more than 10% down and less than 25% down … (2 comments)
How much can the seller credit the buyer towards closing costs? It is a simple question and it will get you a complicated answer. The maximum allowable contribution from the seller (and/or Realtor) depends on the down payment and occupancy. The rules I am quoting are Federal rules for a Fannie Mae conventional loan.
;)
;)
;)
