allowable and non allowable buyer costs: ALLOWABLE AND NON ALLOWABLE BUYER COSTS - 07/05/11 08:01 AM
Mortgage financing comes with literally thousands of variables and just as many rules to go along with it. Knowing what is allowed and what isn't can make the difference in how smooth your home loan transaction will be.
Here are some examples to be aware of:
The following items cannot be added to the transaction without a dollar for dollar reduction in sales price since they are considered an "Inducement to Purchase". Having these types of seller concessions in your purchase contract will change the down payment requirement:
Vacations/Air Fare/Hotel Accommodations Gift Cards - even those for repairs or improvements for the … (2 comments)