We need a little more information in order to answer your question.
Are you saying you need to bring $5,500 to closing after the 6% seller assist? If the answer is yes then I would agree with you, the closing costs are too high.
Your down payment will be $3,045 so it "looks" like your closing costs are $5,500 - the down payment of $3,045 =$2,455 + the seller assist of 6% (or $5,220) =$7,675 in closing costs. That's way too high for a purchase price of $87,000.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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