Sellers can pay for the Buyer’s closing costs,
          but only up to a certain amount.  The maximum amount is
          determined by the type of loan (conventional, FHA, or VA), the
          occupancy type (primary residence, second home, or investment
          property), and the size of the down payment.  

Here are the maximum allowable amounts the
          Seller can pay towards the Buyer’s closing costs:

Conventional Loans

Primary residence or second home = 3% if the
          down payment is less than 10%, 6% if the down payment is between 10%
          -24.99%, and 9% if the down payment is 25% or more.

Investment property = 2%, regardless of the
          size of the down payment.

FHA Loans

Primary residence only.  Maximum
          seller-paid closing costs are 6%, regardless of the size of the down
          payment.

VA Loans

Primary residence only.  Maximum
          seller-paid closing costs are unlimited, regardless of the size of
          the down payment.

Important Note

If the amount the Seller agrees to pay exceeds
          the actual Buyer’s closing costs, the Buyer does not get the excess
          money at the closing.  The Seller keeps the excess amount. Make
          sure you check with us before putting an amount for Seller-paid
          closing costs in a contract. Sometimes our closing costs are much
          less than you might think, and you don’t want to ask for too much
          money from the Seller.