How much seller assist can we ask for?

​

Seller concessions cannot exceed the buyer’s actual closing costs, prepaid items, and allowable financing concessions.

​

Conventional Loans – Primary Residence or Second Home

• Less than 10% down = 3% maximum seller contribution

• 10% to 24.99% down = 6% maximum seller contribution

• 25% or more down = 9% maximum seller contribution

 

Conventional Loans – Investment Property

• 2% maximum seller contribution

 

FHA Loans

• 6% maximum seller contribution

 

VA Loans

• Sellers may pay all reasonable closing costs plus up to 4% in seller concessions toward allowable prepaid items, payoff of collections/judgments, funding fee, and more.

​

What are the current loan limits for 2026?

​

Conventional Loans – 1 Unit

• Standard conforming loan limit in most counties nationwide: $832,750

• High-cost counties may allow up to $1,249,125 depending on county limits

 

FHA Loans – 1 Unit

• Floor limit in most counties: $524,225

• High-cost areas may allow up to $1,209,750 depending on county

 

VA Loans

• Veterans with full entitlement have no maximum loan limit

• Veterans with partial entitlement may still be subject to county loan limits tied to conforming loan limits

​

How do I find out if a property is eligible for USDA financing (0% down)?

 

You can check property eligibility by entering the full property address using the USDA eligibility site below:

USDA Property Eligibility Map

 

USDA loans also have household income limits that vary by county and household size. You can view those limits here:

USDA Income Eligibility Lookup

 

If you’d rather not sort through it yourself, I’m happy to help review eligibility and income limits after speaking with your client.

​

​

What is your minimum credit score for an FHA loan?

 

The typical minimum credit score for FHA financing is 580. In some situations, lower scores may be considered through manual underwriting on a case-by-case basis.

 

Credit score requirements can vary depending on the overall loan profile, down payment, debt-to-income ratio, and compensating factors. Reach out to discuss specific scenarios.

​

What exactly is a mortgage recast?

 

A mortgage recast allows a borrower to make a large principal payment toward their mortgage balance and then have the loan re-amortized based on the new lower balance.

 

The interest rate and loan term stay the same, but the monthly payment is reduced because the balance is lower.

 

A few things to keep in mind:

• Not all loan programs allow recasting

• Most lenders require a minimum lump-sum payment

• A processing fee may apply

• Recasting is typically available only on conventional loans

• Guidelines vary by servicer and investor

 

A recast can be a helpful option for borrowers who receive a large sum of money, sell another property, or want to lower their monthly payment without refinancing.