FHA wants to lower the allowable seller paid closing costs from 6% of the purchase price to 3% of the purchase price.  They are taking comments from the Public but only for 30 days!!  Take Action and comment on this proposed rule change.

 John R. Thomas from Primary Residential Mortgage discuss FHA proposal to reduce seller paid closing costs.

I encouraged everyone to take action IMMEDIATELY to submit your comments to the FHA regarding the reduction of the seller concessions to a maximum of 3% or $6,000 whichever is greater.

Please read the notice below to see HUD’s points regarding why they wish to reduce the maximum amount of seller concessions. Some good arguments are made by HUD to do so…However, in the grand scheme of things within the housing market today and the view that I see from the ground floor, now is NOT the time to move forward with this proposal.

I see loan files and talk to borrowers on a daily basis that need every penny of a seller concession. Considering that down payment and cash to close is the largest hurdle to homebuyers today, this action will have a negative impact on the pool of potential homebuyers….particularly in high closing cost states.

Please forward this to your realtors, builders, title companies, your existing borrowers, and anyone else related to the housing industry and tell them to follow our Call To Action

Click here to read the proposed rule

Click here to submit your comments on the reduction of seller concessions

If you would like to apply for an FHA Loan for the purchase or refinance of a home, please call 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS – 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
www.DelawareMortgageLoans.net

 

 
Post is included in group: Mortgage Professionals
Post is included in group: Delaware Real Estate

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John Thomas

Newark, DE

More about me…

Primary Residential Mortgage Inc.

Address: 248 E Chestnut Hill Rd, Newark, DE , 19713

Office Phone: (302) 703-0727

Cell Phone: (302) 588-3665

Email Me

Delaware Mortgage loans for the purchase or refinance of homes in Delaware. Advice on Delaware mortgage rates and loan programs. Delaware FHA Loans, Delaware USDA loans, Delaware VA loans, and Delaware Reverse Mortgages. John R. Thomas is the author of the book, Your Guide to Buying Your First Home in Delaware.


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