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
If you are thinking about buying a house, but you aren’t really sure if it’s…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…
If you purchased a home using your own cash, and now would like to pull…
