FHA closing costs paid by seller

[mamahearts]

I'm getting the First time homebuyer assistance which gifts us 3% for down payment and FHA requires 3.5% down so that takes care of most of that.  They also gift us 3% for closing costs.  If the closing costs are more than 3%, I've seen that some people will ask the seller to pay.   When is it brought up with the seller that the buyer is asking them to pay for closing costs?  Thanks!

[luvsandyshores]

It was written into my offer.

[Booner72]

In your initial offer you ask the seller to pay however much - it is negotiated like the sale price.  Good Luck!

[mamahearts]

Haha OK thanks! That's what I thought!   I think I'm going a little crazy waiting to finally be able to apply. 

[DallasLoanGuy]

have your lender work up the numbers first.....

if you have the seller pay $2000 in closing costs and they only end up being $500...... the seller keeps the rest.

[mamahearts]

Seriously! That's crazy!

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@DallasLoanGuy wrote:

have your lender work up the numbers first.....

if you have the seller pay $2000 in closing costs and they only end up being $500...... the seller keeps the rest.

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[BrianB_The_Loan_Professor]

Not crazy at all - it is their money which they are covering the costs for your loan

you cannot get cash back so it has to go back to the seller.

Most people do not care since they prefer to not have to come out of pocket - of course they try to get it as close as possible since the extra is potential dollars which you could offer less for a property (same net to the seller)