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What are the guidelines for FHA, VA, USDA, and Conventional seller concessions? How much can a seller contribute towards closing costs for a buyer? Due to the variety of questions we receive on our subject today, I feel it is important to give you the facts in order to help keep your all important financing headed to the closing table!

How much can a seller contribute towards closing costs for a buyer?

What are the guidelines for FHA, VA, USDA, and Conventional seller concessions? How much can a seller contribute towards closing costs for a buyer? Due to the variety of questions we receive on our subject today, I feel it is important to give you the facts in order to help keep your all important financing headed to the closing table!

Obviously, the amount a seller can pay towards closing costs is contingent on what is able to be negotiated, but in today's video tip I will explain the guidelines for FHA, VA, USDA, and Conventional seller concessions.

But, before we get started, don’t forget to download our USDA Blueprint for Success with the link below.  This free guide is designed to help walk you through the USDA qualifying process step-by-step and is ideal for both homebuyers and Realtors alike.

CONVENTIONAL LOANS
Primary Residences and 2nd homes allow for the following seller concessions:
3% of the sales price with less than 10% down payment
For down payments of 10 or greater permit up to 6% of the sales price
For down payments of 25% or greater permit up to 9% of the sales price
Investment properties are capped at 2% of the sales price regardless of down payment amount.
FHA

Currently, FHA will allow up to 6% of the sales price towards seller concessions regardless of down payment.

VA

VA loans can offer the highest flexibility in seller concessions because it allows for a seller may pay all reasonable and customary closing costs and discount points without limit.

Additionally, a seller may pay up to 4% of the purchase price towards any combination of the following:

Pre-paid expenses
Funding fee
Buy down fees
Payoff of borrower liabilities, such as collections, judgments or other credit balances

USDA
Up to 6% of the sales price permitted
Summary - FHA, VA, USDA, and Conventional Seller Concessions

As you can imagine, properly structuring the sales contract upfront, can help save time and potentially strengthen the offer.

If you have any financing questions which pertain to the loan program for the buyer and how it relates to the sales contract, please contact my office so we can help.

Remember, not all lenders have experience with processing and closing USDA loans.  I see this each and every day on the 2nd opinions that come across my desk.

As a USDA Approved Lender and your trusted resource, we will walk you through the USDA loan qualifying process step-by-step. Just call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!

Call/Text: (863) 593-2001
800-806-9836 Ext. 280
[email protected]

Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

http://www.USDALoanPro.com
Download our FREE USDA Blueprint for Success! http://www.usdaloanpro.com/blue-print...

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