Frequently Asked Questions
Seller concessions are closing costs paid by the seller instead of the buyer. This can reduce the amount of cash the buyer needs to bring to closing.
Enter your home price, down payment amount or percentage, and select your loan type. The calculator shows the maximum seller credit allowed based on your loan program.
The calculator supports Conventional, FHA, VA, and USDA loans. Each has its own rules for how much the seller can contribute toward closing costs.
Each loan program has guidelines to prevent inflated pricing. For example, FHA typically allows up to 6% of the home price, while conventional loans may limit concessions to 3% depending on down payment size.
Concessions can be used to cover allowable closing costs, including lender fees, title fees, prepaid taxes and insurance, and sometimes points to buy down your interest rate.
No. Seller concessions cannot be used to cover your down payment. They're only allowed for closing costs and other eligible prepaid items.
You can only use the amount needed to cover actual closing costs. The excess cannot be refunded or applied toward your loan or down payment.