Mortgage closing question

[Anonymous]

I’m sure this is a relatively easy question, But we are closing on a house the first week of April. Seller will pay up to X amount in closing per the sales contract - it’ll be a jumbo loan.

I know my mortgage person will provide me with an estimate, but trying to determine the specifics.

I understand the buyers (us) have to put the money for the down payment.

Are there any other expenses on a closing that must funded by the buyer and cannot be pulled from the closing cost allowance?

Also, would our first mortgage payment be due in June if we close first week of April?

[IQn2D]

This should be explained in your mortgage estimate. You should have received one already if your closing in April.

[Anonymous]

Correct, it shows basically me paying the down payment. I was under the impression that certain prepaids or escrow had to be funded using the buyers funds and are not eligible for using closing cost.

[pipeguy]

Depends on how it is written the "toward closing costs" - I know that whenever I offered $x amount toward closing I excluded "prepaid's" like Condo/HOA fees and escrow items like Real Estate (state or local) property taxes and insurance for post-closing.