topic Re: Downpayment Questions in Mortgage Loans

Downpayment Questions

Anonymous — Fri, 24 Oct 2008 12:53:19 GMT

Can part of my downpayment come from the seller? We approval for FHA through AU and our we know found out that the seller is not willing to replace the septic rather they want to give us a credit. They are already paying $10K towards closing costs. So I wondered rather then lower the price, can they put those funds towards our downpayment (we would not add to our downpayment just not include as muh of our own cash)? We were putting $100K

Re: Downpayment Questions

DallasLoanGuy — Fri, 24 Oct 2008 13:26:47 GMT

No. Seller cannot contribute to down payment.

Ask your lender if the seller can give you the money to you via a. 'escrow holdback'

The money for repairs are held by title company and dispursed to contractor upon completion and inspection of work.

Some lenders won't do this.

Re: Downpayment Questions

Anonymous — Fri, 24 Oct 2008 16:46:48 GMT

Dallas is right--some lenders will allow an escrow holdback, but make sure you ask--some wil not.