Freddie Mac Loans

Va Seller Paid Closing Costs Limit

These would be things like Home depot gift cards, discount points the on VA Funding Fee, and the payoff of debt, collections, and judgments to help the veteran qualify. So to reiterate, the seller may pay all reasonable and customary closing costs and discount points without limit, but the things that are considered non-customary have a 4% limit.

FHA, VA, USDA, and Conventional loans allow seller paid closing costs to a limit and it is important to know the limits. Often buyers either want or need to have seller paid closing costs in order to include part or all of their costs into their mortgage.

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Paying for a buyer’s closing costs is considered a seller concession, and is limited to four percent of the sales price of the home. If a home sells for $200,000, then the seller can only pay.

Closing costs such as the VA appraisal, credit report, state and local taxes, and recording fees may be paid by the purchaser, the seller, or shared The seller can pay for some closing costs. (Under our rules, a seller’s "concessions" can’t exceed 4% of the loan.

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VA Maximum Seller Paid closing costs maximum seller paid "concessions" for a buyer is 4% of the sales price. sales concessions allow the seller to pay the buyer’s pre-paids (such as escrows and first year of insurances) or paying off buyer’s debts.

Alternatively, the buyer could ask for a little discount on the home’s price (sellers usually work a little flexibility into the price tag anyway), which will, in turn, lower the closing costs. Finally, if the seller does not want to pay the full amount of the closing costs, ask if she’ll pay a smaller percentage of them.

1 Under our rules, a seller’s "concessions" can’t exceed 4% of the loan. But only some types of costs fall under this 4% rule. Examples are: payment of pre-paid closing costs, VA funding fee, payoff of credit balances or judgments for the Veteran, and funds for temporary "buydowns." Payment of discount points is not subject to the 4% limit.