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Replies (1)
- Rob Robertson, "Mortgage Broker"
- Contributions:169
Refer to your purchase contract regarding what the builder is paying. Typically, the builder can pay "non-recurring closing costs" up to a certain amount, usually capped at a specific dollar amount (example: not to exceed $5000) or a percentage of the sales price (example: not to exceed 3% of purchase price for non-recurring closing costs).
Normally, the purchaser of a home, when there is a lender/builder credit involved, is still responsible for homeowner's insurance, any pre-paid interest on the new loan, your share of any title/escrow fees (again, refer to your purchase contract for the details), any property taxes that you might have to pay in advance (each state is different), and for any upgrades/changes that you ordered that were not included in the original contract.
When you get closer to signing your final loan documents, you will normally get a call from a Title or Escrow Officer a few days before the signing with the final dollar amount that you would need to be bringing to the closing table. If you made an earnest money deposit (you must have put at least some money on the contract) those funds will be used first before you will be asked to bring any additional funds to the closing.
Hope this helps.
Normally, the purchaser of a home, when there is a lender/builder credit involved, is still responsible for homeowner's insurance, any pre-paid interest on the new loan, your share of any title/escrow fees (again, refer to your purchase contract for the details), any property taxes that you might have to pay in advance (each state is different), and for any upgrades/changes that you ordered that were not included in the original contract.
When you get closer to signing your final loan documents, you will normally get a call from a Title or Escrow Officer a few days before the signing with the final dollar amount that you would need to be bringing to the closing table. If you made an earnest money deposit (you must have put at least some money on the contract) those funds will be used first before you will be asked to bring any additional funds to the closing.
Hope this helps.
bridge loan
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