Seller contributions to buydown/principal reduction?

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  • #66656
    MovingInMass
    Participant

    We’re thinking of having the seller credit us at closing and were advised, because of difficulties getting contractors for bids/repairs during the construction moritorium in Mass., to have the credit go to buydown or principal reduction instead of repairs.

    Is there a cap on how much sellers can contribute to these two categories?

    Thanks!

    #66660
    Nelsont
    Member

    The cap would be based on state regulations. Interest buy down is limited to 5 points from all parties combined. All other funds go to principle buy down.

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