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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