What is a Sellers Assist?
When a buyer is short on cash to purchase a home, the seller may step in to assist them in the purchase by paying some of their closing costs. For buyers, it essentially means they are rolling some of their closing costs into their mortgage.
For example, if the purchase price is 350k with a 7k sellers assist, the effective purchase price is 343k. The buyer appreciates that flexibility and will need to bring 7k less to settlement. The seller is happy to get the house sold.
There are some caveats as to how much sellers assist is allowed by the lender though. Below is a guideline, courtesy of Michael Lamborn with CBHL - Coldwell Banker Home Loans.