FHA to Cut Seller Concessions by 50%
Paul Skeens, president of Colonial Mortgage Group in Waldorf, Md., said he is advising loan applicants to request a “good faith estimate” upfront that provides for the seller to pay 100 percent of closing costs and prepaid fees “so that in cases where the buyer doesn’t have much more than the down payment, that’s the only cash they’ll need to close” on an FHA loan before the policy change.
Skeens said he’d prefer that FHA adopt a “sliding scale” approach to concessions, with higher concessions allowed on lower priced homes, and the lowest concessions allowed on high-priced properties. Since closing and loan expenses generally represent a larger percentage of the total transaction on lower-priced houses, he believes the new 3 percent rule across the board “will have a much heavier impact on the people FHA traditionally has served,” who are buying modest priced houses and have limited cash resources.
Hoffman Estates Home Sales Statistics
Real Estate Sales are Improving in Hoffman Estates
Palatine Real Estate Sales Statistics
Real Estate Sales Improve in Palatine, Il
Schaumburg Real Estate Sales Statistics
Image via Wikipedia Schaumburg Real Estate Sales Statistics February 2010 Condo and Townhome Sales February sales were up 58.7% from February 2009 and 12.5% improved over January sales. There were 27 condo sales posted in Schaumburg in the month of February. YTD sales are running 88.9% ahead of the same period in 2009. The Median [...]