If a seller is giving monetary concessions to a borrower for house repairs, does the amt count toward the lenders 3% - 3rd party contribution cap?

Asked by Inquisitive Mind, 10940 Thu Mar 1, 2012

The lender has a 3% maximum 3rd party closing cost contribution cap. the seller agrees to pay for multiple home improvements that exceed the 3% cap. If the improvements are documented in the contract form must all the improvement funds count toward the lenders 3% cap.

Help the community by answering this question:

+ web reference
Web reference:
Search Advice
Search
Ask our community a question

Email me when…

Learn more