Closing Cost Assistance/Concessions

By
Mortgage and Lending with Veterans United Home Loans NMLS #1907 NMLS# 261072

What to do with it and how much you can get from interested parties

  

Uses of the assistance/concessions:

Pay your closing costs

Pay your pre-paid costs

Receive items of value (furniture, appliances, carpet, cars, etc.)

  

Allowable Closing Cost Assistance

•}  VA allows all customary closing costs paid plus 4% of the sales price (use to pay collections, judgments, loans, credit cards, repairs, or receive concessions!)

•}  FHA allows 6% of the sales price

•}  Based on Sales price Conventional Loans allow:

OWNER OCCUPIED <=10% down payment

3%

OWNER OCCUPIED 10%-24.9% down payment

6%

OWNER OCCUPIED >25% down payment

9%

SECOND HOME 10%-24.9% down payment

6%

SECOND HOME     >25% down payment

9%

INVESTMENT   

2%

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