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Struggling to save enough for your down payment and closing costs? There is an opportunity for you to reduce the amount of your final closing costs. Homebuyers have the opportunity to reduce closing costs with seller contributions, also known as seller concessions. Here’s how it works: An agreement is made between the buyer and seller where the seller contributes to the buyer’s home financing costs. Closing costs comprise of a variety of fees that can vary by city and state. The type of home loan, property occupancy, the home’s appraised value and the loan amount impact the amount a seller can contribute.
Here are the limitations on seller contributions for the four most common types of home loan programs:
Conventional Home Loans
FHA Home Loans
VA Home Loans
USDA Home Loans
Contact a Certainty Home Loans mortgage professional in your state to learn of the seller contributions available to your home purchase.
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