For a homebuyer, there are a lot of enticements that can be broadcast to help them purchase their first or next home with very little or no money out of pocket. One of the best ways this is accomplished is via Seller Concessions.
With as much as 6% of the purchase price "given" by the seller, the buyer can effectively avoid certain costs that could creep up that they would normally have to pay themselves.
The definition of a Seller Concession is an agreement between the Buyer and the Seller that the seller will pay for something at closing. Here are examples of seller concessions:
- Closing Costs - a.k.a - $0 Money Down, No Closing Costs..
- Rate Buydowns - discount the rate by paying points
- Temporary 2-1 Buydowns
- and more...
It is important that the buyer, seller and their agents all work closely with their trusty Mortgage Broker to make sure that the wording of the concession in the contract will not create an issue in underwriting.
Click on the following link to learn how to achieve the best results from a Seller Concession: Florida Mortgage | No Closing Costs ~ via Seller Concessions
For more information about Seller Concessions, First Time Home Buyers or Affordable Loan products, contact me by following this link!