Seller's Concessions? (3%, mortgage, mortgages, insurance)

[montydean]

A couple of questions concerning seller's concessions.

1. are there any limitations on sellers concessions for government insured mortgages?
2. in practice, what is required to determine the "actual" mortgage expenses incurred by the buyer?
3. in the context of the sellers concession, what is meant by "pre-payables."

I am new to all of this and could really use some answers or links to informative sites.

Also, in new york if state law matters at all.

Thanks.

[Zippyman]

1. 3% for most loans.
2. The "HUD 1" closing statement - there isn't any "fudging" allowed on these.
3. Pre-paid expenses might be things like your first-years insurance premiums and property taxes.