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#1818666 - 05/30/13 03:54 PM Applying seller-paid closing cost diff to prin.?
Wyogirl Offline
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Wyogirl
Joined: Nov 2001
Posts: 713
Laramie, WY. USA
Can leftover funds from seller-paid closing costs be applied towards principal on the purchase loan? (Non Gov, in-house bridge loan.)

Thank you.

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Lending Compliance
#1818711 - 05/30/13 04:50 PM Re: Applying seller-paid closing cost diff to prin.? Wyogirl
Truffle Royale Offline

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Posts: 17,324
What left-over funds from seller-paid closing costs?
Around here the OTP usually reads something like 'up to $x for closing costs.'
It doesn't just give the borrower a certain amount of money period.
So if closing costs are less than $x, than that's all the seller pays.

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#1818773 - 05/30/13 06:19 PM Re: Applying seller-paid closing cost diff to prin.? Wyogirl
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,628
Bloomington, IN
Ditto TR.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1818783 - 05/30/13 06:25 PM Re: Applying seller-paid closing cost diff to prin.? Wyogirl
Wyogirl Offline
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Wyogirl
Joined: Nov 2001
Posts: 713
Laramie, WY. USA
I know what to do - thank you!

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