Is this a FHA guideline or Wells Fargo not to pay seller paid concession for VA buyer,? Do you have a Manager/Supervisor contact # to discuss further at WF SS dept?
What is the seller concession for?
standard buyer's closing cost( 2% of price or $4000)
FHA guidelines can be VERY stringent on closing costs and you may need to apply for a variance.
Shoot me an email and I can send you my contacts list - [email protected]
We are $3000 above net , Wells Fargo says no FHA closing cost for a VA buyer. I called FHA/HUD they say yes, minimal 1% for non FHA buyer. Is Wells Fargo negotiator wrong or what?
Have you opened a ticket and had a HUD counselor assigned? Sometimes representatives at the servicers aren't always correct.
They definitely have specific guidelines depending on the Buyer.
I think if the Buyer is going conventional they won't allow any Seller concession and if the Buyer is using FHA financing they will allow 1% (I could have that backwards).
Anything outside of this requires you to contact FHA and try to obtain a variance
(yes, MORE "fun" for you to deal with and it typically takes 5-10 business days depending on the situation).