Hello readers. Wow, I havent’ been on here in over a year. I forgot what a great site this really is. I’m going to make the time to log in daily again now. I’m a loan officer in New England and I was wondering if there are any other loan officers, Realtors or attorneys who can comment on the practice of seller concessions in this tightening market, where every single act by anyone involved is so highly scrutinized and often criticized, and even now outlawed. I googled and “Ask.com”'d the phrase, “seller concessions” but it seemed every web entry on the topic was outdated, like 2006. I know what the practice is and how it’s used, that’s not my question. My question is one of curiosity: Who among us is using seller concessions these days and have you involved discount points to the lender for a progressive or permanent rate buydown? If so, were there extra expenses, disclosures? Before I make the practice part of my marketing campaigns to listing agents, I want to get updated! Thanks for any help and continued good luck and success to all of you!
I don’t know about conventional loans these days, and it is lender-specific as you know, but FHA is still allowing 6% seller concessions and 3% toward down payment assistance.