It depends on the source(s) of the credit. If it comes from the seller the purchase contract may restrict how it is used. Lender credits for rate locks should be used before the seller credits. I advise the selling Realtors I work with on how to word the purchase contract so the buyer can reach the maximum benefit from the structure. Worded properly they could pay for many things not usually thought of in addition to regular closing cost, like FHA Up Front Mortgage Insurance for example.
Credits can be used to pay for home owner insurance, tax escrows, single premium PMI, etc. It just depends on how they are received and what the agreement was on the front end.
The type of loan you use and the amount of down payment can influence the amount of credit received from the seller.
NMLS # 6395
Financing Kentucky One Home at a Time... more
Loretta, please visit city-data.com for statistics on population, income, crime, home prices, rents. etc. for various communities in Wisconsin. For specific information regarding the Village of Brown Deer, visit http://www.browndeerwi.org/ or for stats visit http://www.city-data.com/city/Brown-Deer-Wisconsin.html. For information about local crime or specific block activity in Brown Deer, feel free to contact the Brown Deer police department at 414-371-2900, hope this helps.... more