Freddie Mac and closing costs (foreclosure, 3%, agent, sales)

[Missingatlanta]

We put an offer in on a Freddie Mac home. Does Freddie Mac ever pay closing cost? Our agent said generally they pay no more than 3% ever. Is this usually the case?

[FalconheadWest]

I don't think any bank will pay more than 3% on a foreclosure. They want to know the buyer has some money and isn't going to turn around and the house go into foreclosure again. And why would your closing costs be more than 3% these days?

[Missingatlanta]

Originally Posted by FalconheadWest

And why would your closing costs be more than 3% these days?

I am confused about this? I thought closing cost were 6%??

[FalconheadWest]

Originally Posted by Missingatlanta

I am confused about this? I thought closing cost were 6%??

Why would you think that? They might be 6% if you're buying a house under $75,000 as many costs are fixed and not based on sales price, but otherwise, closing costs shouldn't be near that at all. And if you're in that price point and can't afford the closing costs, can you afford the payments?