I am confident i'll be approved to go the conventional loan route and hoping to negotiate that the seller will pay closing fees. Is this allowed on fannie/freddie loans? i have never gotten a mortgage before and i do have 20% to put down by lalacey847643188 from Los Angeles, California. Feb 18th 2015
Hi Lacey!Yes- if this is for a primary residence with 20% down you can have the seller contribute up to 6% for closing costs, escrows, etc.... for more information pleasee-mail me @ pete.bass@everbank.com - I would be happy to assist! Have a great rest of the day!
As Pete Bass stated up to 6%.
Yes.. Fannie/Freddie guidelines allow for seller concessions anywhere from 2% to 9% depending on occupancy type and the percentage of your down payment.. with 20% down, owner occupied, you can ask the seller to contribute up to 9%. The reality is that it's strictly up to the seller as to whether or not they will, and if they do, it's unlikely they will give you more than 3%.. but that should be enough for most properties.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
CORRECTION!! 25% down, seller can contribute 9%, 20% down, seller can contribute 6%.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
You absolutely can have the seller pay the closing costs.On a conventional loan the minimum down payment is 5%
Lacey,You absolutely can have the seller cover your closing costs.Fannie/Freddie conventional loans allow a minimum of 5% down payment.Hope this helps. :)
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