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ioda
3 years ago
8

For a conventional, conforming loan, the borrower is making a down payment of 12%. The seller wishes to contribute to closing co

sts for the transaction. What is the most that the seller can contribute
Business
1 answer:
maxonik [38]3 years ago
5 0

In such a scenario, the most the seller can contribute to the closing costs is up to<u> 6%. </u>

<h3>When can seller contribute to closing costs?</h3>
  • The borrower must make a down payment of an amount between 10% and 24.9%.
  • The loan must be conforming.

As the down payment of 12% falls within the 10% and 24.9% range, the seller can make a contribution of up to 6% should they please.

In conclusion, they can contribute 6%.

Find out more on conventional loans at brainly.com/question/1130069.

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When accounting for the general fund, the encumbrances control account is credited when:_____.
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When accounting for the general fund, the encumbrances control account is credited when: purchase order is filled or canceled.

<h3>What do you mean by general fund?</h3>

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On the other hand, the encumbrance control account is defined as settlement under which the some amount of money keep aside to meet the anticipated expenses.

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