sangfnsgfsd
Brett's Mortgage Blog

Max Seller Help Amount By Loan Program…

In this market it’s not always easy to get the seller’s to pay your closing costs. However, I want you to know they CAN contribute to your closing costs.

Each loan program has a maximum amount of help you can get from the seller’s.

Here is a breakdown of the maximum seller help amounts by loan program…

Program: Conventional (fannie/freddie), owner occupied…

1) 25% or more down payment = 9% allowed seller contribution.

2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.

3) Less than 10% down payment = 3% allowed seller contribution.

4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions.

Program: FHA

1) 6% maximum seller contribution.

Program: VA

1) 4% closing cost contribution.

Program: USDA

1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

Brett Sampson

Recent Posts

Important To Know Before You Buy A House…

One of the most important things you will have to do when you apply for…

5 days ago

Free Grant Money Available For These Professions…

I wanted to let you know we have a 2% to 5% downpayment and closing…

1 week ago

No Income Documentation Needed For This Loan…

If you want to acquire rental properties, but you are having issues proving your income…

2 weeks ago

How To Get Cash Out Of Your Home Without Paying Off Your Low Interest Mortgage…

Do you need cash out of your home, but you don’t want to refinance the…

2 weeks ago

How To Get A Conventional Loan With Less Than Two Years Work History…

In the mortgage world there are rules we have to follow. Such as, rules about…

3 weeks ago

How To Pull Cash Out Of Your Rental Property With No Income Documentation…

Do you have investment property, and would like to pull cash out of your property?…

4 weeks ago