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Loan officer states I can not get back for repairs. Is a credit back the same thing?

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  • Loan officer states I can not get back for repairs. Is a credit back the same thing?


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Answer #1 | 20/12 2013 12:14
It is not the same thing to your lender. Lenders will allow the seller to contribute from 2%-9% of the purchase price depending on your loan program toward your closing fees, taxes and insurance and nothing else. The link below to the FHA website states any credits from the seller that exceed the allowable limit will be treated as a reduction to the purchase price. Other programs will be handled the same way. They do this because you need to come up with the down payment required by your loan program, and not use a seller credit for that purpose.
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