GA DREAM LOAN CLOSING COST

Asked by Arkla, Atlanta, GA Wed May 1, 2013

DOES SELLER HAVE TO CONTRIBUTE ANY CLOSING COST TO BUYER? PLEASE HELP....IS CLOSING COST FROM SELLER REQUIRED FOR BUYER TO GET A MORTGAGE?

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5
Access Commu…, Agent, Decatur, GA
Tue May 7, 2013
It is not a*** requirement*** for a seller to contribute money to closing cost.
Below is a list of REO closing cost rules
1. FHA (HUD Homes) 3% closing cost you can ask for during your bid.
2. Homepath, Homesteps 3 % closing cost.
3. Short Sale 3% FHA Lender
4. If a private sale you can ask up to 6% closing cost, be careful to ask the your buyer's lender how much is allowed. Most lender limit the amount a seller can contribute.
5. NSP home your buyer can get upto 15-25% ($1,000-35,000) in grants, contributions and concessions, buyer must use that counties approved lender or your buyer lender must get approved.

I hope this helps.
ACCESS COMMUNITY REALTY
Monique Cunningham
Principal Broker
(678) 691-4344 Office
(678) 949-3102 Cell
(678) 274-0045 Fax
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Thu May 2, 2013
No, a seller is never required to contribute toward a buyer's closing costs/Pre-paids. That is something that must be negotiated for.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Solomon Gree…, Agent, Duluth, GA
Thu May 2, 2013
Arkla,

These responses are correct, but please be mindful that the lender fees associated with GA Dream are usually higher than those associated with other down payment assistance programs. That will likely translate into more fees charged to the borrower if the seller contributes nothing toward their closing costs.

I noticed "Atlanta, GA" is the location entered in your original post. Are you looking to buy inside the City of Atlanta? There are very few areas within the City of Atlanta where GA Dream can be applied since the City of Atlanta offers their own down payment assistance programs.

All my best for a successful home search and call on me if I can be of assistance.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®, REALTIST®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
0 votes
Jen and Mark…, Agent, Holmes Beach, FL
Wed May 1, 2013
No, the seller is not required to contribute to the closing costs. In the offer you can ask, but the seller is not required to contribute.

Jen Bowman
Keller Williams Realty
licensed in GA and FL
404-456-5024
Web Reference:  http://www.JenBowman.com
0 votes
Sally W. Ham…, , Atlanta, GA
Wed May 1, 2013
No it is not, but in the price range typical for Ga Dream, the seller usually does.
0 votes
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