Seeking Advice on Closing Costs and Credits for Home Purchase

I’m in the process of purchasing a house (new-build) in Austin, TX. Thankfully, I’m in a situation where it appears my credits towards closing costs will exceed the actual closing costs. I have been informed that excess credits will not be allowed to go towards my down payment or reducing my principal balance in the property. Obviously, my goal is to not leave money on the table. To that end, I’m wondering what my best option would be.

Here’s what I can think of so far:

The cost to buy down the rate is really high and not worth it to me. I would rather not do this. I can talk to my builder about reducing the sales price of the home to incorporate the builder credits they are offering. I can talk to my realtor about having him take his full 3% commission and give me the refund check that he is offering on the side.

Option #3 would be optimal for me given I think it’s the easiest approach. I think I would just have to talk to my realtor to make sure there’s no weird issues with taxes or something.

Anyone have any experience or advice on my situation? Thanks in advance!

submitted by /u/eid3tic
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I’m in the process of purchasing a house (new-build) in Austin, TX. Thankfully, I’m in a situation where it appears my credits towards closing costs will exceed the actual closing costs. I have been informed that excess credits will not be allowed to go towards my down payment or reducing my principal balance in the property. Obviously, my goal is to not leave money on the table. To that end, I’m wondering what my best option would be. Here’s what I can think of so far: The cost to buy down the rate is really high and not worth it to me. I would rather not do this. I can talk to my builder about reducing the sales price of the home to incorporate the builder credits they are offering. I can talk to my realtor about having him take his full 3% commission and give me the refund check that he is offering on the side. Option #3 would be optimal for me given I think it’s the easiest approach. I think I would just have to talk to my realtor to make sure there’s no weird issues with taxes or something. Anyone have any experience or advice on my situation? Thanks in advance! submitted by /u/eid3tic [link] [comments]

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