Profile picture for buddy doo

If you ask the seller to pay 2 pt.'s can you use those however you would .

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011 - Powell
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Check with lender, guidelines are always changing, most likely you will only be able to cover all your closing costs and prepaid up to a certain percentage of purchase price, ask what that percentage is and max it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011
that depends if they agree to pay whatever you are requesting. Have to disclose what for
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011
You can never use money from the seller for you down payment.

Yes you can; you can use it to increase the down payment, just not towards the minimum down payment.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011
It may also depend on the specific contract language. If your contract says the points are for rate buy-down/discount, which is what most would need to say for an intelligent Listing Agent to accept the offer, then that is all they could be used for. If your contract just says up to 2% of price for settlement costs in general. then you have the flexibility to decide.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011
Money coming from the seller can only be used for closing costs, pre pids and interest rate buydowns. You can never use money from the seller for you down payment.
Allowable amounts from seller for the various loan types:
VA - 4%
FHA -6%
USDA - Although USDA does not state an exact percentage, 6% is the defacto limit. from my experience.
Conventional loans:
Owner occupied: 3% with less then 10% down payment and 6% with 10% or more down payment.
Investment properties: 2% regaurdless of down payment percentage.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011
You mean if the seller pays closing costs? There are certain items allowed to be paid, and if there is money left over it goes back to the seller, is that what you mean
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 17 2011
 
Related Questions
What's wrong with your website? It won't load!
Profile picture for lkcollins75
Latest answer by lkcollins75
October 22 2012 | 3 answers
If you ask the seller to pay 2 pt.'s can you use those however you would .
Profile picture for Robert  Bentley
Latest answer by Robert Bentley
November 17 2011 | 6 answers
ALTA Policy
Profile picture for Rudi Hofmann
Latest answer by Rudi Hofmann
June 09 2010 | 1 answers
Do you get your ernest money back if you don't buy the house?
Profile picture for Jeff Konstant
Latest answer by Jeff Konstant
May 07 2010 | 9 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4399 Hickory Rock Dr, Powell, OH Home For Sale
    4399 Hickory Rock Dr, Powell, OH 43065

     For Sale: $585,000

    • Beds: 4
    • Sqft: 3925
    • Baths: 3.5
    • Lot: 12632
  2. 459 Commons Dr, Powell, OH Home For Sale
    459 Commons Dr, Powell, OH 43065

     For Sale: $249,900

    • Beds: 3
    • Sqft: 2058
    • Baths: 3.0
    • Lot: --
  3. 106 Olentangy Ridge Pl, Powell, OH Home For Sale
    106 Olentangy Ridge Pl, Powell, OH 43065

     For Sale: $283,000

    • Beds: 4
    • Sqft: 2481
    • Baths: 2.5
    • Lot: 13460