Banks with less than five percent dpmt and sellers pay up to six percent closing cost.

Asked by Cherylmac65, New York, NY Sat Oct 6, 2012

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Mon Oct 8, 2012
Hi Cherylmac65,

That sounds like any bank offering FHA mortgages.

FHA requires a down payment of 3.5% and allows the seller to pay up to 6% of the sales price towards the buyers closing costs. A conventional loan will only allow 3% in seller concessions and requires a down payment of 3-5%.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
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My NC Homes…, Agent, Chapel Hill, NC
Mon Oct 8, 2012
Almost any bank can work with you depending on your credit scores, and income. Your referring to FHA loans which are common.
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