seller concession: FHA Seller Paid Closing Costs to be Reduced - 01/22/12 11:21 AM
To much fanfare, FHA announced measures to better protect their insurance fund in a recent Final Ruling published in the Federal Register. Slipped in as a footnote to this announcement was a declaration that FHA is deaf to the concerns of the real estate industry. They are taking aim to again attempt to reduce the allowable seller paid closing costs. Make no mistake; they wouldn’t be doing this twice if they didn’t fully intend to see it through this time (regardless of industry feedback).
First, a little history (with a touch of nerdy stuff). On July 15th of 2010, FHA proposed … (3 comments)
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seller concession: How Often Do Seller’s Pay Closing Costs? . . . . . Never. - 08/26/11 07:21 PM
The role of closing costs in a purchase agreement can be confusing both for buyers and sellers. In the present market, it is customary for there to be sales concessions. A real estate sales concession can be many things including but not limited to price, repairs and yes, . . closing costs. Asking the seller to pay for closing costs, pre-paids and discount points is common. At the end of the day though, a buyer may have several value added considerations such as seller paid closing costs and repairs after an inspection contingency but the seller will (or at least should) … (4 comments)
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seller concession: FHA Mortgage Insurance and Seller Concession Changes – Ramifications - 09/02/10 02:11 AM
HUD has regrettably increased the annual mortgage insurance premium and soon will have succeeded in reducing the allowable seller concessions. It's easy to know that this will have a big impact but it will actually change the lending landscape by dramatically decreasing FHA's presence in the marketplace and shifting loan volume to Fannie Mae and FreddieMac who share an uncertain future to say the least. It will also shift loans to private mortgage insurers, most of whom are either financially anemic or are still reeling from the volatile markets of the last 2.5 years. And it needn't be said that the private … (20 comments)
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