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Sellers Concessions

Saturday, January 26, 2013 - Article by: MICHELLE DEMA - Embassy Funding LLC NMLS FL 1449883 & NY 854225 - Message

Did You Know ?

When buying a home you can receive up to a 9% sellers concession to help cover your closing costs!

That's right 9% towards closing costs on a conventional loan if you are at 75% loan to value or less and are buying a primary residence or second home. You can receive up to a 6% concession from over 75% up to 90% loan to value. If you go over 90% loan to value you can get up to a 3% concession up to 97% loan to value. On an investment property you can get up to a 2% concession up to 90% loan to value.

On an FHA purchase you can get up to a 6% concession up to 96.5% loan to value.

It is important to tell your Realtor that you want to take advantage of the sellers concession as the buyer will have to agree to it. The concession will be applied towards closing costs and can not be used as any portion of the down payment.

If you'd like to find out more or have any questions please feel free to contact us 201-962-3555 or Team@Best ask for Benny or Michelle

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