I just had a Negotiator for Aurora tell me that under HAFA (in this case, Freddie Mac HAFA), there can be no contribution to the Buyer's closing costs -- even if they fall within the 3% total for closing costs (e.g., approximately 1% for escrow, title, etc. and 2% to Buyer's closing costs).
I have combed Freddie Mac's servicer bulletins and do not find this explicitly stated or prohibited anywhere. What I see are the words "usual and customer closing costs in the area". In our area (Lane County, Oregon), almost all purchases less than $200,000 are with FHA loans and require some Seller contribution to the Buyer's closing costs (usually about 3% of the purchase price).
Anybody have any experience / advice on this topic?
Tags:
Hi barbara:
In GA-and in the five years I have done only BofA SS's-we have always gotten the 3% seller contrib to CC. from BofA. Even when seller did not have an FHA. IAnd on all where buyer and seller both had FHA; both the Buyer and Seller both received 1500 incentive and BofA paid 3k contrib to CC.
© 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.