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You are here: Home / Buying a Home / Closing Costs: How Much Can You Ask the Seller to Pay?

Closing Costs: How Much Can You Ask the Seller to Pay?

May 8, 2015 by Linda Mosse Leave a Comment

Money

I need some closing costs paid by the seller, but how much?

It is common for buyers to want assistance with closing costs when they are getting ready to purchase a home. Remember that closing costs are separate and above the amount of down payment required by the lender to get a loan on your new home. What do a buyer’s closing costs consist of? Buyer’s closing costs are a combination of a portion of the title policy, the appraisal fee, tax and flood certificate fees, title fees such as recording, escrow, delivery, copy and recording fees, HOA transfer fees, and possibly a few other negotiable fees such as the cost of a survey.

Closing costs are also different than prepaid items. Prepaid items usually consist of one year’s worth of homeowners insurance, and a minimum of three months of property taxes to be held in escrow.

How much in closing costs can a buyer ask for while negotiating their offer with a seller? The amount is always negotiable, but the following rules apply depending on the type of loan the buyer is using.

With a conventional loan with 5% down payment, the most in closing costs they can ask a seller to pay is 3% of the sales price. If they are putting 10% down with a conventional loan, the seller can pay up to 6%. If the buyer is doing an FHA loan, the seller can pay up to 6% of the sales price in closing costs. And if the buyer is using a VA loan, the seller can contribute a maximum of 4% in closing costs.

These are great numbers to use as a guideline when considering how much you will require as a buyer, and also what the maximum amount you could ask for in assistance toward closing costs from the seller.

image courtesy of zzzack

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Filed Under: Buying a Home Tagged With: buying a home, loans, closing costs

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About Linda Mosse

Linda Mosse served in the U.S. Air Force and worked for the National Park Service in the field of environmental engineering. She holds her Masters in Business Administration along with two other degrees and has been a REALTOR® for over eight years. Linda enjoys helping buyers and sellers with residential properties as well as working in the commercial real estate industry. Linda is well versed in the San Antonio area, as well as Bulverde, Spring Branch, and Canyon Lake. Call Linda at (210) 264-4513 or email her at lindamosse@sbcglobal.net.

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