Seller Concessions Exceed Closing Costs

Why do lenders limit the amount of seller concessions to 3%? As a buyer, if the seller agrees to 3.5%, what difference does it make to the lender? Asked by Cows3500, 22202 tue oct 25, 2011. We offered $299,900 (the listing price) with 3.5% closing cost credit. I am being told that the lenders won’t allow more than 3% – why?

IPCs are either financing concessions or sales concessions. Fannie Mae considers the following to be IPCs:. which then provides the money to pay some or all of the closing costs for a specific transaction.. IPCs that exceed these limits are considered sales concessions.

One, as discussed, is that seller concessions may not exceed the sum of a buyer’s closing costs. Another is that the home’s "adjusted" sales price must be supported by the home loan appraisal.

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 · Specific closing costs involved may vary widely from lender to lender. What are seller contributions? Basically, seller contributions refer to the amount of closing cost shouldered by the sellers through a seller-buyer negotiation. This cost is also known as seller concessions. But how much can sellers really contribute?

Seller concessions are when a VA home buyer asks the home seller to pay costs associated with the VA Loan on the home buyer’s behalf. The VA permits seller concessions, but requires that seller concessions do not exceed 4% of the loan amount. Types of seller concessions include: Prepaying taxes and insurance on the home,

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Seller Concessions Affect Mortgage Closing Costs. Now sellers concessions is an entirely different matter. Basically these are concessions that the seller pays and can be a set dollar figure or a percentage. You the seller agree to contribute this figure or percentage toward the closing costs for the buyer.

The seller can improve his or her position by offering to contribute a percentage of the sales price towards the buyer’s closing costs, discount points or other FHA loan costs. If the buyer agrees to the contribution, it can potentially reduce the amount of money the borrower has to pay up front if there’s a difference in the fair market value.

Seller Concession vs. Closing Costs in FHA and VA The Basics. The general public, including borrowers with moderate incomes, Amounts. Closing costs on an FHA and VA loan typically range between 3 percent and 5 percent. Maximum Concessions. The FHA and VA limit the amount of concessions a.