|
The buyer
must pay for any costs he/she agrees to pay in the signed purchase
agreement.
If a borrower obtains
FHA financing, there is approximately $1,200-$1,600 in non-allowable
costs that cannot come from the borrower. Is the seller required to
pay the non-allowable costs? The seller is only obligated to pay the
costs if he/she agrees to pay them in the original purchase
contract. If a seller has not agreed to pay the non-allowable
costs and a buyer later comes back to say that they have FHA financing
and the seller is required to pay the costs, the seller does not have
to re-negotiate the contract or pay the costs.
A seller can also opt
not to accept an offer that includes the provision that the seller is
to pay FHA non-allowables. It is best to get pre-approved for a
loan prior to negotiating a purchase so both the buyer and the seller
are aware of the type of financing and the requirements involved at
the time of the signing of the contract.
Click on the link below to APPLY TODAY without obligation and
a
licensed loan officer will review your information and discuss your
options with you!
 |
