We have a new loan application for a bridge loan to purchase a new personal residence and the purchase contract states that the Seller will pay "up to $9,500 in closing costs, points and prepaids". The total of all closing costs etc for this deal is less than that figure.
In the Calculating Cash to Close box on the LE, do we list the total $9,500 on the Seller Credits line or only the total amount of all closing costs on the Seller Credits line to offset that lower figure? If so, then when we get the final figures for the CloD, can the Seller Credits figure be updated to reflect the actual total, assuming it will still be below the $9,500 maximum listed in the purchase contract.
I was not able to find a previous thread on this specific issue.