Closing concessions w cash purchase?
I am under contract to purchase a house @ $77,500. This will be a cash purchase and my current lender is willing to immediately refinance up to 75% of the purchase price.
75% is their max LTV.
Their minimum loan amount is $60k.
To meet these requirements, i am considering an initial cash purchase of $80k with $2500 in closing concessions.
The house is in NC and I will be purchasing in my individual name (no entity).
Are closing concessions allowed with a cash purchase?
If so, is there a maximum % allowable and does this affect the refinance.
My goals:
Refinance as much of the original purchase price as possible
Fixed rate, no balloon (term of loan is flexible)
Lowest rate possible of course
Any advice would be appreciated!