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Post by Stacia Meeker on Nov 10, 2009 11:36:58 GMT -7
If a short sale property has an existing FHA loan on it AND the buyer is using FHA financing, seller concessions cannot be more than 1%
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Post by bobbiburke on Dec 10, 2009 16:57:57 GMT -7
Update from Stacia on this transaction:
Here is an update on our closing where the seller has an FHA loan and the buyer is obtaining an FHA loan.
Midland bank submitted a request to HUD for a waiver to allow the 3% we had negotiated in the contract and they allowed it!
I tried to find out what criteria they used in making their decision but the negotiater said it just depends on the contract and timing. Par for the couse we are on.
The Best,
Stacia
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