usda: 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)
usda: Acronym Loans - who needs them?
- 02/24/09 09:33 AM
You do! If you are looking to buy a home today or you are a real estate agent working with buyers OR sellers, you need these acronym loans. Ok, Ok, I need them but what the heck are you talking about? FHA, VA, FNMA, FHLMC, USDA, PERS, STRS, CalHFA, CHDAP, DPA etc. are the acronym loans I am talking about. I probably left some out but you get the picture. I just threw the last 3 in for fun, they aren't so hot today so I am not even going to talk about them. I started my career in 1989 in … (0 comments)
usda: Can I still buy a house with no money down?
- 02/07/09 10:58 AM
I was kind of stuck on what to write for this month’s article and so I started to look back at what I had written over the years and I saw headlines like these: Is now a good time to buy a house? – January 2008 Risky Income Documentation? – August 2007 We have hit rock bottom and we are clawing our way back up! – March 2008 Time Travel for better interest rates. – May 2008 Can I still buy a house with no money down? – February 2008 I realized that I could take any one of these topics … (0 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.
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