seller paying closing costs

Seller paid closing costs...?


I get this question a lot..."How much can the seller pay towards the buyer's closing costs?"

Don't assume 3% of the purchase price is the rule. There are basically 4 mortgages now for residential home purchases and each has its own rule. The maximum amount that a seller may pay towards the buyer's closing costs, pre-paid items and reserves is as follows:
1. Fannie Mae/Freddie Mac (Conventional):
> 90% financing = 3% of the sales price.
>75% & < 90% financing CLTV = 6% of the sales price.
<75% CLTV = 9% of the sales price.
2. FHA = 6% of the sales price.
3. VA = 4% of the sales price.
4. USDA Rural Housing = 6% of the sales price.

I hope this information is beneficial to you. Call or email me anytime.

Andrew Evans: Hanover Mortgage
Cell: (864) 313-0602
Email: aevans@hanovermtg.com

History of Lake Keowee in South Carolina

Storms, Boating, Lake Keowee

WOW!!!! We sure had some storms in our area late yesterday! We were on the lake during the whole thing and lightening was all around us in the distance. We even thought we saw a TORNADO! We arrived home safely just before dark without one drop of rain falling on us :-/

We were very lucky and it just doesn't pay to take chances. Make sure you either have a weather radio or an "app" on your cell phone to keep up with the weather radar patterns. This way you'll know where the storm is and where its headed! Also, Make sure you have a light weight jacket with you on your boat at all times. I sure was chilly on the FAST ride home!

The Cliff's: Lake Keowee Real Estate

Please visit the link I am providing here to introduce you to all of what The Cliff's Communities have to offer!
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