Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
Lender rating
Since January 2009
Both are wrong...You are getting the house for $150,000. The seller is payinng $9000 towards your closing costs and prepaids. That money can not be used as a down payment. I assume with that size of a concession, you are doing an FHA loan. You will still need to come out of pocket with the 3.5% down payment (as of case numbers issued after Jan 1).
advertisement
... and, it's free and anonymous
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
question about seller covering closing and downpayment cost
sponsored by
heavytwenty
Contributions: 7
View full profile
Does that mean they'll flat out pay for the closing costs and downpayment? Or does that mean I have to finance my loan as its $159,000?
My realtor is saying that since they're paying $9,000 for the costs, then I'm really getting the house for $141,000. But a mortgage broker said that its a seller consession or something, and that it will be financed as $159,000.
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.