Sellers Concessions - How can the be used?

[Stuart Tollison]

Is it true that seller concessions can only be used toward closing costs and interest rate pay down? That’s what my current lender is telling me here in Utah but I’ve heard multiple people on the podcasts, etc say they “walked away with a check” from seller concessions. At the very least I was hoping it could go toward a portion of my down payment. I negotiated almost $20k in concessions under the impression I would be able to not only cover my closing costs but also cover some initial repairs or a portion of my down payment. Now I’m concerned there will be some of that left on the table. I’m scheduled to close in 7 days so time is of the essence.