Home Buying in Houston>Question Details

Nikki, Home Buyer in Texas

how much of the closing cost can a builder pay?

Asked by Nikki, Texas Wed Oct 29, 2008

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Answers

5
Nikki-

It all depends on how much your lender will allow. I've seen FHA lenders allow as high as 6%. Also, it doesn't matter whether it is a builder or a resale home. It's all on how you negotiate the deal. One of my companies primary focus is new construction negotiations. We are also giving special incentives for our new clients on any new contruction deal. You can browse our database of new construction builders here: http://www.houstonicon.com/New

Also, you can view information about the new client incentive here: http://www.houstonicon.com/Buy/New-Homes-cash-back.aspx

It is simple and easy to qualify for our new client incentive. We’ll help you to save thousands on your new home purchase, then we’ll give you another gift at closing.

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Nikki, I'd love a cance to earn your business. Please feel free to call me at 832-622-8100 or email me at larkin@houstonicon.com
Web Reference: http://www.houstonicon.com/
0 votes Thank Flag Link Wed Oct 29, 2008
Hi Nikki,

Legally or realistically?

Answering as an experienced builder and seller I can tell you that there are many ways for a builder to help you out with closing costs. Consult them and your attorney to see what works for everyone involved.

All the best,
James Joseph
0 votes Thank Flag Link Wed Oct 29, 2008
3% of the purchase price can rebated back as 'seller paid closing costs' on Conventional Mortgages.
6% on FHA

Your loan officer should be able to show you your options. If you aren't pre-approved, you need to be.

Good Luck!!
0 votes Thank Flag Link Wed Oct 29, 2008
Hi Nikki,

Are you able to provide a few details? What is the cost of your home? Do you have a written agreement with the builder to assist with your closing costs.

I would recommend having someone negogiate on your behalf, everything is negogitable!

Good Luck

Mattye P. Smith
Realtor

American Realtors
0 votes Thank Flag Link Wed Oct 29, 2008
This will depend on your lender now. It will depend on what type of loan you get and perhaps what kind of down payment you plan to use. Check directly with your lender for the best answer.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Oct 29, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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