Replies to This Discussion

Permalink Reply by Rita Legan CDPE (440) 227-4461 on February 9, 2011 at 7:51am

If this seller had an orginal FHA loan then BOA goes to HUD that will usually only pay 1% they can get a variance but it could take time. If sellers loan was fannie then in my experience you have a better chance but probably only up to 3%.Good luck.

Permalink Reply by Jim Hale on February 9, 2011 at 7:56am

This has Fanny first and Bank of New York second.

I hope you are right, Rita.

Permalink Reply by Cheryl Bray on February 9, 2011 at 8:13am

I just closed a BofA short with FHA buyer paid fees of just under 3% of purchase price.  I have had the best success when the buyer is FHA or VA or there are catastrophic repair costs such as termite.

Permalink Reply by Jim Hale on February 9, 2011 at 8:17am

Cheryl - Thank you.  3% is what's being asked.

Cheryl Bray said:

I just closed a BofA short with FHA buyer paid fees of just under 3% of purchase price.  I have had the best success when the buyer is FHA or VA or there are catastrophic repair costs such as termite.

Permalink Reply by Jeff Payne on February 10, 2011 at 5:19am

we regularly get seller paid closing costs approved, depends on the investor.  As stated FHA will only pay 1% MOST of the time and we have seen Fannie pay as much as 4%.

Permalink Reply by Jim Hale on February 10, 2011 at 6:22am

Thanks, Jeff

That is encouraging.

 

Jeff Payne said:

we regularly get seller paid closing costs approved, depends on the investor.  As stated FHA will only pay 1% MOST of the time and we have seen Fannie pay as much as 4%.