Good afternoon to All!
As rumors and speculation continue to swirl about regarding the stimulus plan, tax credits for first time buyers, and possibly 4.5% 30 year mortgages for the purchase of primary residences, here are some givens regarding seller contributions towards closing costs and pre-paids
1. Conventional & FHA loans allow the seller to pay up to 3%.
2. VA is 4%.
3. USDA rural housing is 3%
4. SC State Housing is 3%
When working out the listing price with your seller, these numbers may help in determining the asking price since the seller contributions are almost a given in the current market.
Saturday, February 7, 2009
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