Seller credit for repairs

[Ayanna D.]

I’m purchasing my first investment property. The seller agreed to $6000 cash credit for repairs,  but now the lender is stating that the maximum credit allowed is 2% for an investment property. How can the seller compensate me for the difference of $700?

[Jeff Schemmel]

ask lender what it takes to buy down a 1/8 or 1/4 point of the interest rate.  may not get there with $700, but that's usually the route I take because the purchase price is rather immaterial.  Outside of that, ask for a new appliance :)