What they are?
What is it?
Seller credits are contributions from the seller toward the buyer’s closing costs or prepaid expenses.
How does it work?
Credits are negotiated in the purchase contract and applied at closing to reduce buyer cash-to-close.
Where is it available?
Loan types available
FHA, Conventional, VA, USDA.
Where available in Illinois
- Available statewide
Key Qualifications
Qualification requirements
- Seller contribution limits by loan type
- Costs must be allowable
- Property must appraise
