A seller assist is a feature of many loan programs that is used to help a buyer pay for a. Conventional – 10% Or More Down, 6%. but it is common to see seller concessions requested or increased during home inspection.
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The FHA limits seller concessions to 6% of the loan amount. Should your concessions exceed 6%, it will result in a dollar-for-dollar reduction to your home loan purchase price. Consider this example: say you’re financing a $350,000 home. You’re able to use $21,000 in seller concessions – if the seller agrees to assist you.
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FHA seller concessions are limited to a total of six percent. When a seller contributes more, it results in a lowering of the sale price for purposes of calculating the FHA loan amount, dollar for dollar for all money contributed that exceeds the six percent limit.
· About the author: The above Real Estate information on what are closing cost credits in a real estate offer was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 32+ Years.
There is a limit to how much a seller can pay for, though. Each loan type – conventional, FHA, VA, and USDA – sets maximums on seller-paid closing costs. Seller-paid costs are also known as sales concessions, seller credits, or seller contributions.