What would the total mortgage amount be if you offered 82000 including the 3 percent seller's concession?

Answer 1

These are regular Fannie mae/Freddie Mac guidelines..... I am not talking about any usual programs. Ok, you offer $82,000 with 3% seller's concession--this means the seller is getting $82,000 for the house minus 3% ($2460.00). The seller will also have to payoff any liens on the property so you as the buyer will have a clean and clear title. You as the buyer will pay $82,000 for the home, and have a credit of $2460.00 towards closing costs. Closing costs are any and all costs needed to clear the deal. $2460.00 doesn't mean that-- 1. you don't have to have a down payment, (it depending on the program you applied for), 2. you don't have to have any of your own money at close because all programs require the buyers to have a certain amount of their own money-- and that you can prove you have had that money for the last 2 months. (You can't apply and figure you will have the money from your paychecks by the time you close. It will not work otherwise you would have already saved that money--not to mention that the underwriter for the lender will not approve your loan until everything is there; and 3. you can't figure that the $2460.00 is enough to pay all closing costs because more times than not --that $2460.00 will not be enough. Especially, when a full year of fire insurance has to be paid and escrows for taxes are needed along with an appraisal, attorney costs, the new lender's costs, inspections etc.... The mortgage amount--well, how much are you putting down? 3% your money=$79,500(rounded down to the nearest hundred)is the mortgage amount --5% ($4920.00) = $77,000 is the mortgage amt. Not putting any money down, then you are financing 100%--$82,000.