va: 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)
va: How to pick a lender
- 10/22/10 04:30 AM
I speak with people all day long about home loans and what they want and how to get it for them. Many times there is confusion about how the system works and whether they should go with a big bank, local credit union, loan broker or a mortgage banker. The reality is that there are some clients who could go to any of these and be served well. Other times the client would be wasting their time with any but one of these options and I will try and point out the difference here. Mortgage Broker - A few years ago, … (2 comments)
va: 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)
va: 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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