That is a great question that we get all the time. With for example an FHA loan you have to come out of pocket with the minimum down payment of 3.5%. Your sellers assist will help with only your closing costs. With FHA you can take advantage of up to 6% Sellers Assist, but you still need to put down the 3.5 % minimum. It may sound a bit confusing but I would be happy to draw up a closing cost estimate for you based on a home you may be interested in if you would like. That is much more helpful and it's what we do for all of our buyers so that they can see exactly what they will need to come to the closing table with.
Please let me know if I can help you further.
Carmel & Dale Archdekin
Coldwell Banker Preferred
223-225 Market Street
Philadelphia PA 19106
EFax: 215.940.8207 http://www.cbpref.com
WINNER OF 2008 COLDWELL BANKER ACHIEVERS SOCIETY AWARD
The seller's assist is for your closing costs...NOT for your downpayment. If you are doing an FHA loan, you may get money from a grant, or family, etc. to use for your downpayment, but NEVER money from the seller. If you have any other questions, just let me know.
Carol Murray Cei
The sellers assist is not used for your downpayment. It is used for assistance with closing costs. If you are looking for down payment assistance , there are a couple of programs available in the Philadelphia area.
Kem Bailey- Smith
Keller Williams Main Line Realty