Is this a FHA guideline or Wells Fargo not to pay seller paid concession for VA buyer,? Do you have a Manager/Supervisor contact # to discuss further at WF SS dept?

Views: 274

Replies to This Discussion

What is the seller concession for?

standard buyer's closing cost( 2% of price or $4000)

FHA guidelines can be VERY stringent on closing costs and you may need to apply for a variance.

Shoot me an email and I can send you my contacts list - [email protected]

We are $3000 above net , Wells Fargo says no FHA closing cost for a VA buyer. I called FHA/HUD they say yes, minimal 1% for non FHA buyer. Is Wells Fargo negotiator wrong or what?

Have you opened a ticket and had a HUD counselor assigned? Sometimes representatives at the servicers aren't always correct.

Depends if you're exceeding ATP NET or not. If you're below the mininum required NET they likely won't pay closing costs.

[email protected]


They definitely have specific guidelines depending on the Buyer. 

I think if the Buyer is going conventional they won't allow any Seller concession and if the Buyer is using FHA financing they will allow 1% (I could have that backwards).

Anything outside of this requires you to contact FHA and try to obtain a variance

(yes, MORE "fun" for you to deal with and it typically takes 5-10 business days depending on the situation).



© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************