Home Buying in 11001>Question Details

Czar72, Home Buyer in Amarillo, TX

Can you ask a seller to pay full closing costs?

Asked by Czar72, Amarillo, TX Tue Aug 27, 2013

We found a home we like, been on the market well over 100 days and we'd like to have the seller pay full closing costs. We thought we'd come in at their asking or 10k above so they don't feel they are out much but I read somewhere they can only pay 3%. Is that correct?

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FHA allows up to 6% seller concessions; keep in mind that the property needs to appraise at the higher number; for any necessary clarifications ask your loan officer the question....
1 vote Thank Flag Link Tue Aug 27, 2013
If you are getting an FHA loan, the maximum "seller concession" is 6%. However, every situation is different and you can certainly ask the seller for anything that you want.
1 vote Thank Flag Link Tue Aug 27, 2013
that's called a sellers concession and you can receive up to 6% for certain types of loans, but if your adding a concession to the purchase price then the house would have to appraise for that higher amount

Thanks Felix
0 votes Thank Flag Link Tue Aug 27, 2013
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