Home Buying in New Jersey>Question Details

John L, Home Buyer in Lawrence, KS

What is the maximum allowable sellers assist in new jersey?

Asked by John L, Lawrence, KS Fri Jan 18, 2008

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John the amount of the seller assist is dependent on the following factors: Loan Program, Down pament and property occupancy.

FHA & VA loans allow a maximum 6 % seller assist. Down payment amount is not a factor, Owner occupancy only.

Fannie Mae, Freddie Mac and most Jumbo programs allow the following for Owner Occupancy
3% for 0 - 9.99% downpayment
6% for 10-24.99% down payment
9% for 25% or higher down payment

Investment properties are usually limited to a 2% seller assist

Hope this helps

Corey Grushin
Gateway Funding
Hillsborough, NJ
1 vote Thank Flag Link Mon Feb 4, 2008
John

Seller allowable participation in Buyer's closing costs is not dictated by the state but rather by the buyer's loan program

Most FNMA (conventional) loan programs allow seller to pay at closing up to 3% of the purchase price toward buyer's closing costs.
FHA an VA loan programs allow seller to pay up to 6% of the purchase price toward buyer's closing costs.

Best of luck
0 votes Thank Flag Link Fri Jan 18, 2008
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