FreddyMac does not pay buyers closing cost if the buyer gets a conventional loan
I didn't know that. I was told this yesterday by the asset manager after all that info has been available since February. The previous negotiator made a mistake and buyers cc was continuesly in the counter from the investors until Rosie came into the picture (asset manager for expedited ss) She informed me yesterday evening that FreddyMac does not pay buyers cc if the buyer gets a conventional loan (the buyer for my listing got a conventional loan with 20%down) BUT they will pay buyers cc for an FHA or VA loan. Does anyone understand this and can explain that to me?
The buyer did not want to go FHA because it would cost her more money and going Conv with 20% down would keep her monthly payments where she was comfortable. I still don't get it.
Replies to This Discussion
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Permalink Reply by C on
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Hi Brigette, I was wondering what ever came out of this. I am a buyer in the same boat. I am extremely frustrated and was hoping to find a way to fight this. I am assuming it's an investor policy because the negotiator would not even take a higher offer to offset the closing costs.
If it is just the negotiator being stubborn, does anyone know if there is a way to escalate this to someone else? -
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Hi Brigette, Is your asset manager with the Bank or FreddieMac? I have a verbal from negotiator but haven't heard from Freddie in 3 weeks.
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Permalink Reply by Brigitte Powell on
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Reply for C - If you have an agent Ben Benita would tell that agent to fight it (if you have the time to do that) i was told by Rosie that my negotiator Ashley Jordan was wrong and that FreddieMac would not pay closing cost. Rosie's boss Louis told me the same thing. Ben Benita seems to think I gave up so soon, but we are on a deadline to close by the 30th, and the buyer decided she would just suck it up and pay her own cl. cost (she could afford it apparently)....Can you go FHA? Or do you want to go FHA...because they will pay Cl costs for an FHA loan. Rosie is the Asset Manager and is in the escalation dept (so is her boss). If you do not have the money to pay those cl cost, the only thing left is to ask both (if there are two) agents to help by reducing commission some. Most agents will not do that, but if it means not closing, they may.
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Wellsshortgonelong - the asset manager for mine is Bank of America Escalation Dept. Her name is Rosie Alvarez. Go into Equator.com and look at your email receipients - There are many listed. Send an email to all of them (except the buyer) citing the loan number and your problem and tell them you need an answer. Be firm but polite :-) - but make it urgent :-)
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