Max Seller Help By Loan Program - Berkshire Lending
Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Get help here.
Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Get help here.
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<strong>Max</strong> <strong>Seller</strong> <strong>Help</strong> by <strong>Loan</strong> <strong>Program</strong><br />
Did you know when you purchase a home you can ask the seller to help pay your closing costs,<br />
prepaid taxes and insurance, and interest?<br />
You can! I’ve listed the maximum seller contribution amounts per loan program below…<br />
<strong>Program</strong>: Conventional (fannie/freddie), owner occupied…<br />
1) 25% or more down payment = 9% allowed seller contribution.<br />
2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.<br />
3) Less than 10% down payment = 3% allowed seller contribution.<br />
4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more =<br />
9% allowed contributions.<br />
<strong>Program</strong>: FHA<br />
1) 6% maximum seller contribution.<br />
<strong>Program</strong>: VA<br />
1) 4% closing cost contribution.<br />
<strong>Program</strong>: USDA<br />
1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When<br />
a home appraises higher than the sales price, closing costs can be financed with USDA rural loans<br />
up to the difference between the sales price and appraised value.<br />
www.berkshirelending.com
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