2% max seller concession on investment???

[Kevin Douglas]

So I bought a property for 72k and seller to pay all closing cost. When time to close rolls around, my loan officer tells me seller can only pay 2%max as of May1st2017. Bc the contract language said the seller was to pay "up to 6%" they are now saying they will pay 2% and that's it. A- I'm frustrated with my agent for not knowing that B- I'm frustrated for the language my agent used in the contract and C- I'm frustrated at my loan officer for telling me 1 day prior to closing. It's a lesson learned and shame on me for not knowing but am I right to be upset with my agent and loan officer???? I can't back out bc I lose my earnest money. Tried get price reduced but seller says no. Looks like im stuck!

[Christopher Phillips]

@Kevin Douglas

Is this for the rental property you've been searching for?

It's 2% max seller concessions for "investment" properties for conventional loans. It's been this way a long time. I've got a selling guide from 2007 with the same numbers. Did they think you were going to live there?

On primary residence homes:

3% for LTV greater than 90%

6% for LTV 75.01%-90%

9% for LTV 75% or less

It's up to 6% for FHA if you plan to live there as a primary residence.