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Can I get the seller to pay closing costs on a conventional mortgage

I am confident i'll be approved to go the conventional loan route and hoping to negotiate that the seller will pay closing fees. Is this allowed on fannie/freddie loans? i have never gotten a mortgage before and i do have 20% to put down by lalacey847643188 from Los Angeles, California. Feb 18th 2015 Reply


Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Hi Lacey!Yes- if this is for a primary residence with 20% down you can have the seller contribute up to 6% for closing costs, escrows, etc.... for more information pleasee-mail me @ pete.bass@everbank.com - I would be happy to assist! Have a great rest of the day!

Feb 19th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

As Pete Bass stated up to 6%.

Feb 19th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Yes.. Fannie/Freddie guidelines allow for seller concessions anywhere from 2% to 9% depending on occupancy type and the percentage of your down payment.. with 20% down, owner occupied, you can ask the seller to contribute up to 9%. The reality is that it's strictly up to the seller as to whether or not they will, and if they do, it's unlikely they will give you more than 3%.. but that should be enough for most properties.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 19th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

CORRECTION!! 25% down, seller can contribute 9%, 20% down, seller can contribute 6%.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 19th 2015
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Arash Baiat (abaiat@v1mortgage.com)
#1111 ranked lender in California - 5 contributions

You absolutely can have the seller pay the closing costs.On a conventional loan the minimum down payment is 5%

Feb 18th 2015
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Arash Baiat (abaiat@v1mortgage.com)
#1111 ranked lender in California - 5 contributions

Lacey,You absolutely can have the seller cover your closing costs.Fannie/Freddie conventional loans allow a minimum of 5% down payment.Hope this helps. :)

Feb 18th 2015
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