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  • Rodney Mason December 11, 2011 at 4:12am

    A lot will depend on what type of mortgage the seller currentl has.  I have a buyer that got their BOA short sale approved last week.  Their seller has an FHA mortgage and BOA would only allow a 1% contribution to closing costs/pre-paids.

  • Eric S. Garrison Waterboro, ME December 10, 2011 at 5:25am

    I have had two deals where BoA approved some, not all, of buyer CC. most recent one was 3% max. We did not add it to the sales price but did give full price offers! We had the amounts in our p&s and also our pre approval letter.

  • Bryant Tutas December 10, 2011 at 4:47am

    David. Lenders will normally allow the seller to contribute 3% of the purchase price towards the buyer's closing costs. This is not added to the purchase price it's just one of the expenses deducted from the purchase price. This amount may vary depending on the type of short sale and who the investor is. But 3% is a good rule of thumb and within reason.

    • Cody Lampariello > Bryant Tutas December 12, 2011 at 4:59am

      My experience says this is the correct answer to your question. As long as it is FHA or VA I have had buyers agents request closing costs on conventional loans which will get denied.

  • Kevin - Greenville, SC December 8, 2011 at 6:40pm

    too many variables to know....

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