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Super Contributor
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Registered: ‎04-07-2008
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How much can a seller contribute?

I'm planning to buy a house in 2013 and would ike to know for a conventional loan (5%) down, much much can the seller contribute towards closing cost?

 

 




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Registered: ‎10-16-2010
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Re: How much can a seller contribute?

It depends. You can ask for all of the closing costs, a certain amount, or you can ask for nothing. I really wanted my house and the seller was strapped for cash (despite having a lavish wedding), so I didn't ask for anything. 


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Super Contributor
Posts: 6,580
Registered: ‎04-07-2008
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Re: How much can a seller contribute?

For my last house, the seller was generous. But in this market where a lot of people want to sell their house, I just have to find a motivated seller.

 

I have heard that on a lot of short sale, the bank is generous. But I was wonderign if there was a max % that the seller could give




Established Contributor
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Registered: ‎10-16-2010
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Re: How much can a seller contribute?

I'm not sure if there is a max percentage. Maybe someone else out there has a bit more expertise than I do. 


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Super Contributor
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Re: How much can a seller contribute?

Shane ?? Dallas??




Valued Contributor
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Registered: ‎06-09-2010
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Re: How much can a seller contribute?


CS800 wrote:

Shane ?? Dallas??


There have been restrictions as to how much a seller can pay towards closing cost. I am unsure how they determine the value. With that said I also know there are ways to apply the money for minimal cost to you.

Good Luck
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Super Contributor
Posts: 5,662
Registered: ‎03-06-2010
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Re: How much can a seller contribute?

On a conventional loan the max percentage is 3% of purchase price for seller contribution toward buyers' closing costs and pre-paid expenses.

 

For FHA loans the max percentage is 6% of purchase price.

 

For short sales the max percentage is 3% and not all short sale lenders will even allow a seller contribution.

Super Contributor
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Re: How much can a seller contribute?


StartingOver10 wrote:

On a conventional loan the max percentage is 3% of purchase price for seller contribution toward buyers' closing costs and pre-paid expenses.

 

For FHA loans the max percentage is 6% of purchase price.

 

For short sales the max percentage is 3% and not all short sale lenders will even allow a seller contribution.


Great thanks for the info




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