Comments on: FHA Seller Contributions

By: JONE

JONE — Sat, 15 Jan 2011 18:27:37 +0000

BUYER’S REPAIR ADDENDUM
READS…..
Seller to complete lender required repairs as follows:
Exterior bars on windows have no quick release. Need to be removed or replaced. My question is on the main floor there are window security bars covering 2 sleeping rooms; 1 bathroom, 1 kitchen nook. Then there are 4 basement windows covered with security bars. Does the FHA lender require only sleeping rooms bars to be removed….or all of the above listed windows.?

By: Earlene Ross

Earlene Ross — Thu, 17 Jun 2010 15:47:47 +0000

In the FHA Mortgage Guide Book update for March 2, 2010, it stated that seller contributions were being reduced from 6% to 3% effective with all new case numbers issued on April 5th, 2010 and after. I assumed this was accurate, but I have now been told that seller contributions are still at 6%. Which is true, 6% or 3%?

By: Yvonne

Yvonne — Wed, 19 May 2010 21:52:25 +0000

I’ve represented buyers that I have negotiated several thousands in seller concessions (that is part of my job) but hit a road block with the lender. There is very little tolerance for “cash at closing or cash in lieu of repairs”. My belief is that it is the mortgage broker’s job to work the best loan for our mutual client.

By: Dan Callantine

Dan Callantine — Fri, 14 May 2010 17:06:10 +0000

In the FHA Mortgage Guide Book update for March 2, 2010, it stated that seller contributions were being reduced from 6% to 3% effective with all new case numbers issued on April 5th, 2010 and after. I assumed this was accurate nut I have now been told that seller contributions are still at 6%. Which is true, 6% or 3%?

By: ray hensley

ray hensley — Mon, 01 Jun 2009 16:58:14 +0000

Is payment for a forclosure appraisal buyer’s or sellers responsibility? Will I be able to take the $8000 credit on my 2009 irs filing?

By: ginger feland

ginger feland — Mon, 28 Apr 2008 00:44:57 +0000

We have a RE contract and it says we will only pay $75.00 of borrowers FHA expenses. Is that true? Are there other expenses required beyond whats written in the contract?

Thanks