Closing Costs Limits - How much really can be paid.

Just how much can a seller, or seller and broker, pay towards the buyers closing costs?

Allowable credits range from 2% - 9% of a purchase price for seller concessions and should be written into the EMA as being applied to both the buyer's closing costs and prepaid expenses (Seller credit is based off of the purchase price on the EMA).

CONVENTIONAL LOANS ($417,000 and under):

Owner Occupied & 2^nd Homes:

LTVs/CLTVs 90.01-95%:  3%
LTVs/CLTVs 75.01-90%:  6%
LTVs/CLTVs 75% and below:  9%

Non Owner Occupied (Investment Properties): 2%

FHA/USDA: 6%

VA: 4% (Seller paid discount points can be paid above and beyond the 4%)

JUMBO LOANS ($417,000+): 6%

 

A printable flyer with this information is available at: http://realestatebrokerconnection.com/sales-materials/