Naima had a great answer, but I would add that if you're doing FHA, the 3-1/2% down is not something you can get from the seller. You actually have to bring the 3-1/2% to the table.

In the past the sellers were able to contribute toward closing costs and a buyer could potentially bring only 2-1/4% to the table, which includes the earnest money and other cash. Now, on a $100k house, you have to have the $3500 in your own money.

That being said, there are some great programs out there for First Time Homebuyers. Did you know that here in Dallas you can actually borrow against the Federal tax credit of 10% (up to $8,000) from agencies that don't charge any interest? And, you can use that money as your down payment or to cover closing costs! Usually the tax credit amount is much larger than the 3% to 6% allowed by lenders in seller concessions.

Just ask your lender.

Difficult to state closing unconfirmed if you seller concessions? what is aprpoved by lender? Your Buyers Agent or title company should assist you with the answers.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

If you are doing a conventional loan, you can roll in up to 6% of the sales price into the loan.

If you are doing an FHA/VA loan, you can roll in up to 3% of the sales price.

Remember that the house MUST appraise for the price AFTER the closing costs are rolled in.

If you are not being assisted by a Realtor, I would be happy to help you.

Naima
214-289-8555
Naima@Sumner-Realty.com

It depends on the type of loan you are doing. there are limits for various programs, do you have an agent helping you? I work the Garland area, have an awesome property currently listed there, I wouls love to help you.

If you're able to get a seller credit towards closing costs it should cover a majority or all of the closing costs. Typically, it ranges from 3-6% of the sales price. Your Realtor would include the seller credit when writing up an offer on a home on your behalf.

Let me know if you need a local lender in Dallas I would be able to get you in touch with a great mortgage broker in your area if you're in need of getting pre-approved to buy a home.