Using the seller contribution to prepay tax for 2010 and pay HOA for 2010
My builder is throwing in 10,000 $ towards closing on a new home in 2nd week of october. However, my closing cost reserves total 7000 only. Can I use the extra money towards prepayment of county and state taxes for 2010 (for first 3 months say) and could I prepay whole of next years HOA dues (900 dollars) as well.
State is GA.
TIA
Shon
Falcyon, Talk with your lender...they can tell you what they will allow. Does the $7000 included, owner's title insurance? Recommend that expsense to anyone buying a home.
Best of luck in your new home.
Kathy Seger
Consult with your agent and or lender. Generally, though, as long as your lender allows it, and the sales contract does not exclude those items, then yes the funds could be used for just about anything.
What does your agent advise? Please tell me you have an agent qualified to help you with such an important financial transaction. You can do almost anything so long as it's legal and put into the sales contract.
What is the price of the home and what kind of mortgage are you doing?
What is the price of the home and what kind of mortgage are you doing?
What is the price of the home and what kind of mortgage are you doing?
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