FHA Financing Question

Posted in Creative Real Estate Discussions
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  • Anonymous
    June 26, 2008 at 9:24 am
    Anonymous

    Tina,

    I don’t think that will fly with FHA.

    Ask the mortgage broker. Keep in mind that some mortgage brokers can force things to happen but that does not mean it is legal.

    Stay away from anything that could get you in trouble for loan fraud later.

    Jackie

    Anonymous
    June 26, 2008 at 10:56 am
    Anonymous

    My name is Tina Bow, and I attended the Moneymaker seminar last weekend in Santa Ana. I currenty have a trustee-sale property that I refurbished, and just received a full-price offer on. The buyer plans to use FHA financing, but on the offer they state “Seller to credit $11,000 to buyer for closing costs”. Does FHA allow these kinds of credit back to the buyer?

    John Long II
    July 1, 2008 at 9:53 am
    John Long II

    Tina,

    I believe the FHA will allow up to 3% in seller paid closing costs. What is the sales price of the home? They do usually request that an exact dollar amount be specified in the contract rather than a percentage. I’m also seeing an additional 3% for down payment assistance.

    John

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