B of A HAFA SS, Buyer getting VA financing, needs 3% closing cost assistance
non-GSE loan with PMI, HAFA approved SS. Negotiator says investor will not allow closing cost assistance to Buyer, but Buyer is getting VA financing and requires 3% assistance. Any ideas how to get this approved? House on market since May - finally got an offer - don't want to go back on market! Most Buyers need closing cost assistance whether FHA/VA ... seems this is a usual and customary expense. Neg. says we cannot increase purchase price to cover - at ANY price the 3% will not be allowed. I've closed HAFA SS before w/the assistance to the Buyer. Have asked Neg. for clarification but will welcome any comments.
Replies to This Discussion
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Permalink Reply by Christy Brock on
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Sometimes no means no (unfortunately). I have had this happen in the past. If you are in California, you could try getting a CHF Accesses which requires .5% down and is offered through mortgage brokers that do loans through First Mortgage Corporation.
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Permalink Reply by Chris McGee on
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Thanks for the idea Christy, but I'm in Arizona.
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