More than 3% back on a Freddie Mac home?

2 things to consider here. USDA guidelines impose a max of 6% seller concessions but that does not mean that the seller will give you or contribute to you the full 6%. Second, Freddie Mac owns the home and there policy is a max of 3% seller concessions therefore it does not matter what the max seller consessions you are approved for. This same principle would also hold true if you were buying a non foreclosure home. If a potential seller was not willing to contribute toward your closing costs (seller concessions) it is irrelevant what the max seller concessions the loan guidelines allow for. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and Strategic Partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710 or call anytime 513-403-6260

There are two components to the Seller Concessions for buyer's closing costs. the first is how much is the seller willing to give, and the second is how much your now lender will allow to be given. It is true that USDA guidelines allow Up to 6% seller concessions. FHA does too. That said, most sellers are only willing to grant 3%. If the home you are looking at is currently owned by Freddie Mac or Fannie Mae, it is doubtful the will be willing to grant more than 3%. The success in getting more depends in part on the negotiating skills of your agent and how competitive your offer is compared to others for the same home.