Jasmilda, Home Buyer in Philadelphia, PA

Is sellers assist used towards the down payment i need to put down?

Asked by Jasmilda, Philadelphia, PA Wed May 6, 2009

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5
Carmel Archdekin’s answer
Jasmilda,
That is a great question that we get all the time. With for example an FHA loan you have to come out of pocket with the minimum down payment of 3.5%. Your sellers assist will help with only your closing costs. With FHA you can take advantage of up to 6% Sellers Assist, but you still need to put down the 3.5 % minimum. It may sound a bit confusing but I would be happy to draw up a closing cost estimate for you based on a home you may be interested in if you would like. That is much more helpful and it's what we do for all of our buyers so that they can see exactly what they will need to come to the closing table with.

Please let me know if I can help you further.


Carmel & Dale Archdekin
REALTORS
Coldwell Banker Preferred
223-225 Market Street
Philadelphia PA 19106
Office: 215.923.7600
Cell: 215.680.5998
EFax: 215.940.8207
http://www.cbpref.com
WINNER OF 2008 COLDWELL BANKER ACHIEVERS SOCIETY AWARD
0 votes Thank Flag Link Wed May 13, 2009
BEST ANSWER
Hi, Jasmilda,

The seller's assist is for your closing costs...NOT for your downpayment. If you are doing an FHA loan, you may get money from a grant, or family, etc. to use for your downpayment, but NEVER money from the seller. If you have any other questions, just let me know.

Carol Murray Cei
ReMax Millennium
215-649-1720
carolcei@remax.net
0 votes Thank Flag Link Wed May 6, 2009
Hello Jasmilda:

Seller's Assist is only used for Closing Costs. To understand it a bit more I have created a video in under 5 mins. This may help you.

Good Luck!
0 votes Thank Flag Link Sat May 9, 2009
Jasmilda

As the other agents have already said Sellers Assist is for Closing Costs. Keep in mind that Closing Costs do not include reserves required by your lender for taxes and insurance.
0 votes Thank Flag Link Wed May 6, 2009
The sellers assist is not used for your downpayment. It is used for assistance with closing costs. If you are looking for down payment assistance , there are a couple of programs available in the Philadelphia area.

Kem Bailey- Smith
Keller Williams Main Line Realty
(610) 520-0100
Cell- 267-972-3879
0 votes Thank Flag Link Wed May 6, 2009
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