Replies to This Discussion

Permalink Reply by Tara Polley on June 8, 2012 at 2:13pm

Hi Kelly, Yes, the PFS program costs allow for HOA lien payoff. Here is a link to the FHA Allowable and DIsallowable costs: http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf

I recommend factoring that into the net to seller though. In other words, the net to FHA needs to be 88% of the appraised value, so the HOA payoff will have to be factored into that along with commission and other closing costs, unless you ask for a variance. Good Luck! :) 

Permalink Reply by Kelly W. Maynard on June 8, 2012 at 2:55pm

Hi Tara,

Thank you!  Very helpful!

Kelly

Permalink Reply by Sylvia Barry on June 8, 2012 at 3:07pm

I just closed one short sale with BofA and BofA paid off a pretty substantial HOA lien.

Permalink Reply by James ferebee jr on June 8, 2012 at 4:16pm

I believed you stated that you have an FHA short sale and FHA only allows a max of 2500 to any second thereby taking the seller's incentive of 1K away for anything over the 1500 mark which the seller incentive of 1K would make up the 2500 allowable max to any second unless it's a partical claim as they must be paid off in full.

 

Jim