I also get nervouse with seller concessions because you don't know you have those until after the appraisal is complete. The seller does not have to agree to the concessions either. In my honest opinion .... if the property is really worth the higher amount why would I sell it for $5,000 less than what anoother buyer that doesn't need the concession would pay for the house. It is happening alot these days I had one recently that the appraisal came in low and the seller agreed to lower the price and still pay the concessions. It does happen more often than not.
But curiosus needs to focus on credit worthiness before worrying about how to make the DP.
Just my .02
If i had to guess I would say about 75% of purchase transaction have a seller credit so it is not un-common at all. of course this is all assuming that the credit score is ok
3.5% down = $7,150
Wiggle room Seller Paid closing costs = $5,000
I would say 5-6% is a pretty good rule of thumb! You cannot assume you will be able to get $5,000 in seller concessions but is certainly something to be discussed with our lender and Broker.
Call Hiedi below she is an Awesome realtor!!
1st thing you need to address is your credit...what exactly does not good mean? If it is below 620 you need to forget about buying today and work on improving your credit score before exploring the purchase of a home.
2nd is your down payment. Realistically you will need 5-6% for down payment and closing costs to get into a property. You will have a little wiggle room on that with seller paid closing costs but that is a good frame of reference. The only other low down payment programs are VA if your are a vetren or rural Developement but Norton probably won;t fill the bill on USDA (Rural Developement)