An offer was sent to Wells Fargo a couple of weeks ago. The sales contract clearly stated that the buyer was being financed with Conventional loan. After jumping through hoops, today they inform me that they will only pay buyer closing cost if the buyer's loan is FHA.
Have any of you had this experience or know this to be true.? Is there a work around? They could have said this upfront.
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Mortgage servicers and investors typically do not allow credit towards buyers closing costs unless they are obtaining government financing. At times I have seen negotiators approve closing costs towards the buyer, but a blanket rule is that you should expect it will be denied.
Let me know if you ever need anything at all or have questions.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com