ive been approved for a home loan. imshort on the downpayment, but my mortgage lender says if i just have the seller put in 3-percent of the closing costs, ill have enough cash to move in. i dont understand. why would a seller want to lose 3 percent profit on his/her sell of the home. and, how is this kind of program allowable?
k, Congrats on being preapproved. Usually sellers offer 2-3% toward the closing costs as a benefit to the buyer. For an example, a home has been on the market for 6-9 months and the owners needed to transfer because of a job or whatever. To entice a buyer they offer to put a percentage of the selling price toward closing costs. Hope this helps. Dani
The seller of the home I purchased in 1998 paid the closing costs and down payment, but I have to pay it back. Make sure you don't have to pay it back. I bought a home in 1982 also. The seller paid the closing costs because the home had been on the market for a long time, and I didn't have to pay that back. That was when I had GOOD credit.
I have used these and sent some of my clients here for a downpayment assistance. Hope this helps. "www.ameridreamcharity.org" or"www.ffha.net"
K, Where you are, do they have the Nehemiah program? It helps lower the downpayment amount. Also, there are programs where you can get a loan but you don't have to pay it back until you sell the house. I wish I'd known that stuff when I bought my house. Good luck and CONGRATS!
