The costs of buying a home may be daunting. For example, you may have finally saved enough for a down payment on your first home, with a little left over to buy the furniture you will need. Then you hear about having to pay closing costs you weren't anticipating, and this may seem like a real setback.

One way to cover such a shortage is to make the sellers an offer that calls for them to credit you for some of the closing costs. As a rule, the sellers may pay a maximum of 3 percent of the sales price if the buyer is putting five percent down. If the buyer is making a down payment of 10 percent or more, the seller can contribute up to 6 percent of the sales price to cover the buyer's closing costs. Some items, such as prepaid taxes and the first month's mortgage payment, must be paid by the buyers. Sellers may also contribute to paying the appraisal, points, title insurance, settlement attorney fees, state or local transfer taxes and similar items.

Keep in mind that if the credit is included in the price of the house, the appraiser will have to justify the amount, based on sales prices of similar homes in the neighborhood.

	See All Tips In The "First Time Buyers" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Gina Donnelly
THE DONNELLY GROUP REAL ESTATE SERVICES
1256 W. Chandler Blvd. #19
Chandler, AZ 85224
Phone 1: 480-792-9700
Fax: 480-603-3603
ginadonnelly@NUMBER1EXPERT.com

Gina Donnelly is the Designated Broker for The Donnelly Group Real Estate Services and is one of the East Valley's top selling agents. She has sold dozens of homes in the area and knows the local amenities, schools and services. She is outgoing and energetic and champions her clients by defending and maintaining their best interests while pursuing their most ardent desires. This she does with a personal enthusiasm that comes from a real enjoyment of the real estate business. Her personal style though dynamic and outgoing is based on a foundation of trust. "We're dealing with a big financial and emotional investment," she says, "and I want my clients to have complete assurance regarding my character and abilities." "My experience allows you to focus on your move while I manage your home sale and everything it entails." From initial consultation to closing the deal, Gina represents your best interests. Her plan is for her clients to “ Come home in Style”