Allowable Seller-Paid Closing Costs

When purchasing a house, the seller is allowed to pay for some of the buyer's closing costs, but there are limits to how much the seller can pay.  Here are the maximum amounts the seller can pay for various types of loans:

Conventional Loans

• Primary residence or second home with less than 10% down = 3% of the purchase price
• Primary residence or second home with between 10% and 24.99% down = 6% of the purchase price
• Primary residence or second home with 25% or more down = 9% of the purchase price
• Investment property = 2% of the purchase price 

FHA Loans

• Primary residence only (down payment does not matter) = 6% of the purchase price 

VA Loans

• Primary residence only (down payment does not matter) = no limit

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:

www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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