Replies to This Discussion

Permalink Reply by Bryant Tutas on February 14, 2011 at 12:08pm

I've never read any where that states they can't contribute. I would limit to 3% and make sure the NET to lender is high enough.

Permalink Reply by Darlene Krause on February 15, 2011 at 9:07am

There is nothing in the HAFA guidelines that restricts seller concessions.  There is a 6% aggregate cap on subordinate liens.  The seller concession decision is made by the investor.  Some of the negotiators we deal with do not understand contracts, HUD-1's, etc.

 

Try it and see what they do.

Permalink Reply by Cami Pinsak on February 15, 2011 at 9:11am

Hi Melissa,

I have a deal with ASC/ WF where the same thing happened.  I have never seen it be an issue with other banks.  My negotiator said that he "might be able to get it approved by his manager", so I think that it is a "party line".  Keep pushing and let us know how it goes.

Permalink Reply by Christopher Burgelin on February 21, 2011 at 12:14pm

Melissa...HAFA allows for a net of 88% of an approved sales price so with that 12% delta being "normal and customary" closing costs.  So simply let the screen-reader on the other of the phone know the HAFA guidelines, and if not accepted, just call the office of the pres...it will be handled then.

Permalink Reply by ShirleyCoomer on April 4, 2011 at 1:04pm

Were you able to get this approved finally?  I have the buyer where ASC/Wells Fargo is the lender and we are being told the same thing.

Permalink Reply by Cami Pinsak on April 4, 2011 at 1:10pm

My deal with ASC had closing costs and first I was told "no", but then he relented and said it had to be cleared by his supervisor.  I got 1.5% closing costs back on HAFA with ASC which was below their net minimum proceeds.