Got my ATP yesterday for my FHA PFS. Yay!! Now I have to submit the preliminary HUD. The seller had accepted the offer with the buyer's request for $4000 contribution towards his closing expenses.
I read on the FHA guidelines they only pay up to 1% towards an FHA buyer's closing expenses. This is not FHA and even with the buyer asking for $4000 in closing expenses the bank would net almost $5000 over their 88% required net.
Just heard from the buyer that if the bank won't agree to the $4000 in closing expenses assistance, he's walking. Does anyone have any experience to share about this? Will FHA agree to the $4000 or any amount?
Tags:
You should be in good shape. The fact the min net is being met is what should push this towards approval. Tell the lender you need a variance on the closing costs. I would be surprised if you couldn't get this through....
Push for the Servicer to request a variance. $5000 is a bit high if it's over 3% of the purchase price, but is still likely to be approved when you're meeting the net tiered proceeds.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.