FHA Loan - Lender's credit / sellers' concession
01-25-2013 07:38 PM
Hi - Have been pre-approved for FHA Loan of $300,000 with 3.5% down.
Would like to limit our out of pocket closing costs as need to buy some appliances,etc and do not want to take loan on my 401K.
I was told that we can get either Lender's credit or seller concession to cover closing costs.
What is difference between the the 2, costs associated with each and also how to go about having them. Do they need to be in contract for the house?
FYI- There are now real estate agents involved.
Any help greatly appreciated.