Maximum $$$ Requested From Seller In Closing Costs...
What is the maximum amount of money a lender will allow a buyer to request from the seller for help on closing costs. Is it a percentage of the loan amount, pecentage of the borrowing amount, or is it a ceiling of so much money.
For instance, how much could I "legally" ask from a seller on a $200,000 purchase if the seller is willing to do it ??
Thanks all!
For instance, how much could I "legally" ask from a seller on a $200,000 purchase if the seller is willing to do it ??
Thanks all!
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It depends on the loan program that the borrower chosses. I have seen as high as 6% and its the nonaccuring costs.