No concessions allowed since buyer is going Conventional? What?
I am working on a short sale where BOA is the first and it's a "high loss loan" (this is what the negotiator told me - Maybe that is what they mean when dealing with a Jumbo mortgage). Anyway, the buyer is getting a conventional loan and is asking for some concessions back towards closing costs (Only about 1% of the purchase price) and the BOA negotiator told me that they don't allow this since the buyer is getting a conventional mortgage.
Has anyone else heard of this? Is it true?
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Yes, I have. MOST of the time with an FHA or govt loan, they will only allow closing cost assitance if the buyer is using a similar loan product. My thought is that if the buyer has 20% to put down for a conventional loan, the investor/lender/servicer must think that they can pay for their own closing costs. In your situation, 1% should not make a difference for either side.... good luck , I hope that some of the experts chime in on this one
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Permalink Reply by Steele V. Propp on
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It is very possible. Remember that could be a policy on all properties or maybe just on certain situations like a high end home. Then again, it could just be a negotiating tactic.
You can try again but the answer is likely going to be the same unless you can make a really compelling argument. If this is a deal breaker you might want to bump up to a supervisor.
Steele
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Permalink Reply by Lisa Ludlow Archer on
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I would love to hear others on this particular issue. We have submitted a short sale to BB&T just this morning where the buyer is doing conventional but will need the $4000 in closing costs paid for by the bank.
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