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Sellers concessions towards a home buyers closing costs
A home buyer can get sellers concessions from the home seller to cover the home buyer's closing costs. Home buyer's realtors needs to request the sellers concession with the real estate purchase offer. There are maximum sellers concession credits allowed depending on the mortgage lending program the home buyer's can get from sellers concessions. FHA allows a maximum of 6% sellers concessions. VA Loans permit up to 4% of sellers concessions towards a buyers closing costs. Conventional loan programs allow a maximum 3% sellers concession for a owner occupant conventional loan and 3% sellers concession on second home mortgage loans as well as vacation home mortgage loans. Conventional investment home loans cap sellers concession to 2% of the purchase price. You cannot have excess sellers concession go to the home buyer. Any excess sellers concessions needs to go back to the seller. When requesting a sellers concession from the home seller, make sure you do not ask too much where you waste the sellers concession credits.


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