Anyone heard or confirm this (and I was told this by one of the higher ups I know at Wells):
New Fannie "Rules":
ONLY 2% Seller concessions
ONLY $715 in TOTAL title charges allowed (includes tax prorations, title work, etc.)
We have a "NET" cleared but with only 2% closing costs (Buyer can not close without 3%) and title company REFUSES to settle for only $715 (it will actually COST THEM MONEY to conduct the closing).
Appeciate any feedback, assistance, or Fannie contacts (I have messages in to the 2 people we know) - [email protected]
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