Mortgage News

Did you know Seller Allowed Costs by Loan?

April 13th, 2012 9:34 AM by Anne James

Did You Know?

Seller Credits Allowed by Loan Type

Conventional Loan

Occupancy

LTV

Allowable Credit

Primary Residence / 2nd Home

Conforming Loan Amount

90.01% - 95.00%

3%

75.01% - 90.00%

6%*

75% or less

9%*

Primary Residence / 2nd Home

Conforming Loan Amount

All LTV / CLTV

3%

Investment

All LTV / CLTV

2%

Seller Credits can be applied to all closing costs and/or prepaid items not to exceed the actual amount of the closing costs.

*Conforming Hi Balance is restricted to 3% seller credit at ALL LTVs.

FHA Loan

Occupancy

LTV

Allowable Credit

Primary Residence

All LTVs

6%

Seller Credits can be applied to all closing costs and/or prepaid items not to exceed the actual amount of the closing costs.

VA Loan

Occupancy

LTV

Allowable Credit

Primary Residence

All LTVs

4% not including unallowable fees

Seller Credits can be applied to all closing costs and/or prepaid items not to exceed the actual amount of the closing costs. Borrower may receive funds back equal to or less than any amount deposited into escrow for the earnest money.

This "Did You Know" was brought to you by your

Trusted Advisor and Mortgage Broker

Anne James| 562 320-0510

Posted in:General
Posted by Anne James on April 13th, 2012 9:34 AM

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