Need a fresh set of eyes on a CHASE FHA. 12k in Credit card liens of which I was able to get concessions down to 8k (no more room from CC companies) I have a seller willing to pay the 8K in liens and still hit the FHA NET of 81k yet FHA only allows $1,500 and $1,000 seller incentive toward liens. Buyer is willing to pay more to get rid of liens and provide a higher net to CHASE/FHA however CHASE wants every penny of the extra and only allows the total of $2,500 toward the liens. Not enough room on commission. - CREATIVE way out of this???
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Done. Net met, $12,000 total in Buyer Contributions towards two Judgements. Variance Approval required.
http://www.scribd.com/doc/80969317/Wells-Fargo-FHA-Pre-Foreclosure-...
Kevin, got tied up last week. Can we talk today about how to handle buyer contributions to this FHA deal? NET is clearly met for tier 1 FHA NET
The buyer and/or seller can pay as an expense or POC item on their side of the HUD. You can't raise the price to cover the costs. Any time you raise the price the lender will want the money.
Even easier since this is a cash deal since RESPA does not apply to cash transactions. That means the payment does not have to be on the HUD. Of course be sure to check with your broker and legal department first.
You the man Bryant. thanks as always!