Home Path Closing Costs (financing, loan, property, Fannie Mae)

[ladeebee2010]

Is there a maximum amount that a seller can contribute towards closing costs for a Homepath Propertly/ Loan. Purchasing 45K property but the closing costs according to the mortgage officer would be around 3300 or 7%.

Can I ask the seller (Fannie Mae) to pay the total closing costs?

[ShanetheMortgageMan]

Here is a nice graphic showing the eligible amount of "interested party contributions" allowable on HomePath financing, varying by the down payment and occupancy type.

[rjrcm]

Good luck getting Fannie Mae to contribute more than 3% towards closing, but it all depends on their net proceeds and how much they want to sell the property - doesn't hurt to ask. If you do not negotiate this up front in the accepted offer, then forget about it.