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M and T HUD Short Sale , capped 1% seller concession ?

Posted by P Nicolas Velecico on September 1, 2011 at 8:33am in Short Sale Discussions

Is this an M and T rule or is it a HUD rule , just got contract with 4% seller concession USDA financing but M and T is saying no concession allowed with USDA and only 1% if its FHA financing

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Replies

Realtor Scott September 20, 2011 at 3:52am

Your lender can use form HUD-90041 to request a variance. Usually the negotiator will do this for you, but i've even submitted the variance requests myself directly to Fannie/Freddie...
Carol Pease September 3, 2011 at 3:46pm

1% on FHA if the short sale seller is FHA and the buyer is FHA, too! That is on form 90045. I've never gotten any concessions on a USDA short sale but I don't have that in writing.
Jeff Payne September 2, 2011 at 2:17am

I had the same issue before, I explained to the negotiator that USDA financing is a government program and that the financing is similar to FHA and we got it approved for 1% but I do know that you can ask for a variance for more. All depends on your offer and the NET to the lender, if you can get them 88% NET, you should be able to get it done
J Douglas Hall September 1, 2011 at 10:50am

It is HUD, but you can ask the bank to submit a variance to the HUD to increase the seller assist. If the M&T person doesn't know how, ask for the supervisor. If that doesn't help, call the HUD Service Center...they can explain to M&T how to follow the guidelines and submit the variance.

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