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seller carryback
Moderators: Mortgage-X

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   General Questions-> Mortgage Loan FeaturesMessage format
Posted 5/3/2006 2:43 PM (#1031)
Subject: seller carryback
i was wondering if a buyer can actually get a 80/20 loan CLTV 100% plus get a seller carryback
which will cover the closing costs?
Posted 5/4/2006 8:19 PM (#1035 - in reply to #1031)
Subject: RE: seller carryback
I don't know of a lender that will allow this. The reason is that 80/20 is capped at 100% CLTV. A third loan would take you above 100%. You have two options here. There are 103% and 107% loans for purchases that allow you to borrower 100% plus enough for closing costs. In some cases you can actually walk away from closing with a check. The better way to get around this is to raise the purchase price by the amount of the closing costs and then have the seller credit that back for closing costs. This allows you to borrow 100% plus closing costs and you can do this with a standard 80/20 combo. Most lenders cap the seller credit at 3% or 6%.
Posted 12/2/2006 2:57 PM (#1335 - in reply to #1031)
Subject: RE: seller carryback
yes a buyer can receive 100% financing or 80/20 and still receive a seller consession up to 6% if self employed and 5% if w2

Rodney Davis
Lic Mortgage broker
Phone 754-244-2124
fax 305-249-7247
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