How to use the grant 3% seller financed mortgages without closing time?

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Here’s my situation, I am now on a contract, a home for $ 300,000 and the seller (a bank) has agreed to provide up to $ 9,000 (3%) in grants seller. In the meantime, I have a lender who is willing to make a loan closing costs. My loan is $ 240,000 when I put 20% (ie $ 60,000). Could you please advise me how smart you are using this subsidy seller? Should I re-negotiate the price with the seller? (Lowering the price to $ 291,000) or is there another way to use it for $ 9000? Please help Sie.Meine interest rates are the same, with or without charges. My Details of loan: 15 years fixed rate mortgage and even if I buy points (max: 1.25) to reduce, or I end up with a cost of closing approximately $ 6,000 $ 3,000 meaning remains unused.

  1. Reply
    Lisa L
    April 30, 2011 at 1:12 am

    Tell the lender you don’t want a no closing cost loan. That simply means they are giving you a higher rate to pay your closing costs. You don’t need that if the seller is paying $ 9000. You should even be able to buy the rate down with a point or so.

    Talk to another lender. Something is not right with what you are saying.

  2. Reply
    real estate guy
    April 30, 2011 at 2:03 am

    there are no “no closing costs” loans. All that means is that the interest rate has been increased to cover the actual closing costs. As for a regular loan and if there is money left over, buy down the rate.

    In regards to renegotiating the sales price. As a seller, I would say NO. The keys words in the contract is “UP TO”. If you don’t use the full 3%, this is your fault, not the fault of the seller.

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