According to an industry letter released by Kevin Kauffman, Senior Vice President of Single-Family Seller Engagement at Freddie Mac, on April 15, 2024, specific rules determine financing concession limits and the fees or costs customarily paid by the seller.
The letter clarifies that fees or costs that the seller usually pays in accordance with local customs are not subject to financing concession limits. The letter further explains that the buyer agent fees have historically been paid by the seller or seller's real estate agent. As per the custom, they are currently exempt from financing concession limitations. This exemption will continue to apply if the seller or their agent continues to pay the buyer agent fees as per custom.
Source: Freddie Mac: https://guide.freddiemac.com/app/guide/industry_letter/04-15-2024
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(C) 2024 Jeff Sorg
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